the allocation for real estate within the mixed-asset portfolio

8/14/2019 The Allocation For Real Estate within the Mixed-Asset Portfolio

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YMF GHHLJGYDLA @LS SFGH

FZYGYF [DYMDA YMF BD]FI GZZFY

_LSY@LHDL

Davfstdkgtdak tmf tdbf-vgrydak agturf l` tmf rfhgtdlasmdps gblakst gssfts, sustgdagchf gssft

ghhljgtdla gai tmf tfaifajy l` gssft jlrrfhgtdla tl rdsf iurdak pfrdlis l` fjlalbdj

uajfrtgdaty, wmdjm qufstdlas idvfrsd`djgtdla cfaf`dts.

BGT 3?7:

CZj. DAPFZYBFAY GAI @DAGAJF DA _SL_FSYT

Z J M L L H L @ S F G H F Z Y G Y F G A I _ H G A A D A K

Z_DA AVBCFS5 V?06;

ZYVIFAY AVBCFS5 7=?3:=76


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3

Gjnalwhfikfbfats

Zfvfrgh pflphf mgvf jlatrdcutfi tl tmf jlbphftdla l` tmds stuiy da bgay wgys gai D gb vfry krgtfùh

`lr tmfdr mfhp. D `drst l` ghh tmgan Kli, wdtmlut Mdb alaf l` tmds wluhi mgvf cffa plssdchf. D gb krgtfùh

tl Jmgrhfs [gri gai Gifydang Gifwghf `lr tmfdr kudigajf gai supplrt. D ghsl tmgan _ftfr Cyraf,

Yubfhhgal Zfcfmfhg gai Kdgahujg Bgrjgtl `lr mfhpùh jlbbfats, gssdstgajf gai givdjf.


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YGCHF L@ JLAYFAYZ

GCZYSGJY 9

7 - DAYSLIVJYDLA 0

3 - HDYFSGYVSF SFPDF[ =

3.7-VAIFSZYGAIDAK SFGH FZYGYF GZ GA GZZFY JHGZZ =

3.3-SFGH FZYGYF GZ G IDPFSZD@DFS 4

3.:-YDBF-PGSTDAK JLSSFHGYDLA GAI GZZFY GHHLJGYDLA 7?

3.9-F@@FJYZ L@ PGHVGYDLA ZBLLYMDAK 73

3.6-ALA-ALSBGHDYT L@ SFGH FZYGYF SFYVSAZ 7:

3.0-YMF YFAFYZ L@ BLIFSA _LSY@LHDL YMFLST 79

: - BFYMLILHLKT 76

9 - FB_DSDJGH SFZVHYZ 7=

9.7-SFKSFZZDLA GAGHTZDZ 7=

9.3-BFGA PGSDGAJF GAGHTZDZ GAI L_YDBDZGYDLA 3?

6 - JLAJHVZDLA 3:

0 - CDCHDLKSG_MT 36

;G__FAIDJFZ 3=

;.7-G__FAID] 7SFKSFZZDLA SFZVHYZ 3=

;.3-G__FAID] 3JLSSFHGYDLA BGYSDJFZ :?

;.:G__FAID] :IGYGZFY :7

;.9G__FAID] 9IF-ZBLLYMDAK :3


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YGCHF L@ @DKVSFZ

@DKVSF 75 GZZFY SDZN GAI SFYVSA JLB_GSDZLA (74=;-3?77 WVGSYFSHT) 4

@DKVSF 35 GZZFY NVSYLZDZ GAI ZNF[AFZZ JLB_GSDZLA (74=;-3?77 WVGSYFSHT) 7:

@DKVSF :5 LCZFSPGYDLAZ 70

@DKVSF 95 SFKSFZZDLA (7) 7=@DKVSF 65 SFKSFZZDLA (3) 7=

@DKVSF 05 SFKSFZZDLA (:) 74

@DKVSF ;5 SFKSFZZDLA (9) 74

@DKVSF =5 SFKSFZZDLA (6) 74

@DKVSF 45 GZZFY GHHLJGYDLA JGHJVHGYFI TFGSHT (YGCVHGS @LSB) 3?

@DKVSF 7?5 GZZFY GHHLJGYDLAZ JGHJVHGYFI TFGSHT (PDZVGH DB_SFZZDLA) 37

@DKVSF 775 GZZFY GHHLJGYDLA JGHJVHGYFI FPFST 6 TFGSZ (YGCVHGS @LSB) 37

@DKVSF 735 GHHLJGYDLAZ FPFST 6 TFGSZ (PDZVGH DB_SFZZDLA) 33

@DKVSF 7:5 GZZFY GHHLJGYDLAZ FPFST : TFGSZ (YGCVHGS @LSB) 33

@DKVSF 795 GHHLJGYDLAZ FPFST : TFGSZ (PDZVGH DB_SFZZDLA) 33

@DKVSF 765 CFGS GAI CVHH GHHLJGYDLAZ 3:

@DKVSF 705 SFKSFZZDLA SFZVHYZ 3=

@DKVSF 7;5 JLSSFHGYDLA BGYSDJFZ :?

@DKVSF 7=5 IGYG ZFY :7

@DKVSF 745 IF-ZBLLYMDAK BFYMLIZ :3


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Gcstrgjt

Ymf dajhusdla l` prdvgtf rfgh fstgtf da g bdxfi gssft plrt`lhdl mgs cffa givljgtfi bgdahy `lr dts

idvfrsd`djgtdla gcdhdty cfsdifs sfvfrgh ltmfr nalwa cfaf`dts. Mlwfvfr, tmf strfaktm l` tmds plsdtdla da

tdbfs l` fjlalbdj uajfrtgdaty rfbgdas qufstdlagchf gs idsjlvfrfi tmrlukm rfjfat stuidfs, wmdjm

mgvf grkufi tmgt tmf jlrrfhgtdlas cftwffa rfgh fstgtf gai ltmfr gssft jhgssfs jluhi rdsf iurdakpfrdlis l` fjlalbdj uptura gai ilwatura. Ymf dbphdjgtdla ds tmgt idvfrsd`djgtdla cfaf`dts l` prdvgtf rfgh

fstgtf idbdadsm wmfa tmfy grf rfqudrfi tmf blst, wfgnfadak tmf grkubfat supplrtdak dts dajhusdla gs

ga datfkrgh jlbplafat l` g bdxfi gssft plrt`lhdl. Ymds stuiy gdbs gt davfstdkgtdak tmf tdbf vgrydak

rfhgtdlasmdp cftwffa rfgh fstgtf gai ltmfr gssft jhgssfs iurdak pfrdlis l` fjlalbdj uajfrtgdaty usdak

rfkrfssdla, gs wfhh gs tmf stgcdhdty lr sustgdagcdhdty l` gssft ghhljgtdla. Afkgtdvf tltgh jlastrujtdla

prliujtdla pfrdlis, g bgrnft vlhgtdhdty sfrdfs gai bgrnft plrt`lhdl cfgr pfrdlis wfrf fbphlyfi gs

tmrff fjlalbdj vgrdgchfs `lr tmds davfstdkgtdla. Igtg wgs lctgdafi `lr fgjm vgrdgchf `rlb rfhdgchf

sfjlaigry slurjfs gai gaghysfi wdtm F-vdfws gai Fxjfh. @daidaks sukkfst tmgt da pfrdlis l`

fjlalbdj vlhgtdhdty, tmf cftg vghuf l` prlpfrty rfturas dajrfgsfs. Ymds dbphdfs tmgt jlrrfhgtdlas wdtm

ltmfr gssfts dajrfgsf tmfrfcy auhhd`ydak tmf givgatgkfs l` dajhuidak rfgh fstgtf da tmf bdxfi gssft

plrt`lhdl. Dt wgs ghsl idsjlvfrfi tmgt gssft ghhljgtdla ds uasustgdagchf fspfjdghhy da vgrdfi fjlalbdj

jlaidtdlas. @urtmfrblrf, nfy stgtdstdjgh hdbdtgtdlas da tmf stuiy wfrf difatd`dfi gai tmfdr dbphdjgtdlas

jrdtdjghhy idsjussfi. Dt jlajhuifs cy fstgchdsmdak tmgt tmf rfhgtdlasmdp cftwffa rfgh fstgtf gai ltmfr

gssft jhgssfs vgrdfs wdtm bgrnft vlhgtdhdty, ga daidjgtdla tmgt tmf pfrjfptdla l` rfgh fstgtf gs g

idvfrsd`dfr smluhi cf rfjlasdifrfi.


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7 - Datrliujtdla

Ymf rfjfat khlcgh `dagajdgh jrdsds jmgakfi tmf pfrjfptdla l` prdvgtf rfgh fstgtf tl dts davfstlrs la tmf

rlhf dt phgys da g bdxfi gssft plrt`lhdl. Jfatrgh tl tmds smd`t grf twl nfy dssufs agbfhy5 tmf

idvfrsd`djgtdla cfaf`dts l` dajhuidak rfgh fstgtf da g bdxfi gssft plrt`lhdl gai tmf sustgdagcdhdty l` gssft

ghhljgtdla da vgrdfi fjlalbdj pfrdlis. Dt ds wfhh nalwa tmgt ga lptdbgh bdxfi gssft plrt`lhdl ds alt eustg prliujt l` tmf gssfts dajhuifi, cut ghsl rfhgtdlasmdps gblakst tmfsf gssfts, da giidtdla tl tmfdr

rfspfjtdvf ghhljgtdlas gai idvfrsd`djgtdla qughdtdfs. Ymf dajhusdla l` rfgh fstgtf da g bdxfi gssft

plrt`lhdl mgs tmfrf`lrf cffa strlakhy supplrtfi bgdahy `lr dts idvfrsd`djgtdla gcdhdty gsdif da`hgtdla

mfikdak gai ltmfr rftura famgajfbfat jmgrgjtfrdstdjs (JCSF, 3?73> Cgub, 3??3> Hff, 3??:g).

Mlwfvfr, rfjfat stuidfs mgvf smlwa tmgt jlrrfhgtdlas cftwffa rfgh fstgtf gai ltmfr gssft jhgssfs

rlsf iurdak tmf khlcgh `dagajdgh jrdsds gai ghsl kfafrghhy iurdak pfrdlis l` fjlalbdj ilwatura (Hdzdfrd,

3?7:> D_@ 3?73g gai Hff, 3??:j). Ymds rdsf jgsts iluct la tmf idvfrsd`djgtdla gcdhdty gai cfaf`dts l`

rfgh fstgtf, wmdjm grf uaifrstlli tl hdf prfilbdagathy da dts hlw rfhgtdvf rfhgtdlasmdp jlbpgrfi tl

ltmfr gssft jhgssfs.

Ymf bfga vgrdgajf gaghysds (BPG), g nfy gaghytdjgh tllh `lr lptdbgh plrt`lhdl ghhljgtdla usfs tmf

jlrrfhgtdla cftwffa idrfjt rfgh fstgtf gai ltmfr gssft jhgssfs da iftfrbdadak tmf cfaf`dts l` dajhuidak

rfgh fstgtf da tmf bdxfi gssft plrt`lhdl (Hff, 3??:j). Ymfrf`lrf, bladtlrdak tmf jlrrfhgtdlas cfjlbfs

g jrdtdjgh `gjtlr. @lr rfgh fstgtf, tmf cgsds l` tmf hlw jlrrfhgtdlas mgs cffa gttrdcutfi tl tmf `gjt tmgt

prlpfrty rfturas grf iftfrbdafi cy ydfhis gai rfats, wmdjm grf lahy hllsfhy jlaafjtfi wdtm tmf fqudty

gai clai bgrnft. Ltmfr `gjtlrs dajhuidak tmf gssfts dhhdqudi agturf, dts hlw trgidak vlhubfs gs wfhh gs

vghugtdla sblltmdak bgnf tmf jlrrfhgtdlas l` rfgh fstgtf gai ltmfr gssft jhgssfs gppfgr hlwfr tmga

tmfy gjtughhy grf. [mdhst prlpfrty prdjfs grf gpprgdsgh/vghugtdla cgsfi, tmf prdjdak bfjmgadsb `lr

ltmfr gssfts hdnf kdhts gai fqudtdfs grf trgasgjtdla/bgrnft cgsfi. Dt mgs cffa strlakhy grkufi tmgt tmds

mgs hfi tl tmf vlhgtdhdty l` rfgh fstgtf tl cf jlasdifrgchy uaifrstgtfi. Ymfrf`lrf wmfa lptdbdsfrs

jlasdifr tmf cfaf`dts l` rfgh fstgtf da g bdxfi gssft plrt`lhdl, tmf lcsfrvfi `fgturfs l` gpprgdsgh

cgsfi rfturas kdvf rfgh fstgtf bujm mdkmfr ghhljgtdlas (Hff & Ztfvfasla, 3??9), `gr krfgtfr tmga tmf

prlplrtdlas mfhi cy davfstlrs da bdxfi gssft plrt`lhdls.

Bujm l` tmf fxdstdak rfsfgrjm la rfgh fstgtf davfstbfat jmgrgjtfrdstdjs sdts wdtmda g jlavfatdlagh lr

trgidtdlagh `dagajf `rgbfwlrn irgwdak la Blifra _lrt`lhdl Ymflry (B_Y) gai Jgpdtgh Gssft _rdjdak

Blifh (JG_B) (D_@, 3?73g). Da hdaf wdtm B_Y, gpprlgjmfs tl gssft ghhljgtdla grf typdjghhy fstgchdsmfi

la cgsdj l` hlw gvfrgkf jlrrfhgtdla wdtm ltmfr gssft jhgssfs, wmdjm grf gssubfi tl cf jlastgat lvfr

tdbf (JCSF, 3?73> D_@, 3?73i). Ymds gssubptdla dbphdfs tmgt gssft rfturas `lhhlw g Buhtd-Pgrdgtf

Alrbgh (BPA) idstrdcutdla (D_@, 3?73g). G BPA idstrdcutdla dbphdfs tmgt tmf rfhgtdlasmdps (jlrrfhgtdlas)

cftwffa gssft rftura idstrdcutdlas grf tmf sgbf da alrbgh, fxtrfbf cuhhdsm gai cfgr bgrnfts.

Mlwfvfr, fxdstdak hdtfrgturf sukkfsts tmgt jlrrfhgtdlas bgy vgry tmrlukm tdbf, gs jlrrfhgtdlas tfai tl

cf mdkmfr da pfrdlis l` dajrfgsfi uajfrtgdaty gai iurdak cfgr bgrnfts.

Ymf jlrrfhgtdla ds g jrujdgh plrt`lhdl pgrgbftfr `lr BPG, gs dt bfgsurfs tmf strfaktm l` gssljdgtdla

cftwffa gssfts tl kfafrgtf lptdbub ghhljgtdlas. Tft, tmfrf ds slbf fvdifajf tl sukkfst tmgt tmf

jlrrfhgtdla ds alt g jlastgat `dxfi idstrdcutdla cut g pgrgbftfr tmgt ds dtsfh` ifpfaifat la fjlalbdj


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gai bgrnft jlaidtdlas. Ymds jga mgvf sfrdlus plrt`lhdl dbphdjgtdlas wdtm rfkgris tl gssft ghhljgtdla,

fspfjdghhy iurdak pfrdlis l` fjlalbdj ilwatura. Dt bgy daidjgtf tmgt B_Ys tfafts jlajfradak

plrt`lhdl idvfrsd`djgtdla jga `gdh wmfa tmfy grf affifi blst. Ymus, Hff (3??:g) fxphgdas tmgt g sdakhf

plrt`lhdl ghhljgtdla strgtfky bgy alt cf lptdbgh cfjgusf gssfts smlw id``frfat rfturas lvfr vgrdfi

fjlalbdj gai `dagajdgh favdrlabfats.

Blrflvfr, tmf gssubptdla l` BPA idstrdcutdlas wdtm rfgh fstgtf rfturas ghsl dbphdfs sybbftry da tmf

rftura idstrdcutdla pgttfras. @gclzzd (3??4) sukkfsts tmgt tmf gssubptdla l` alrbgh idstrdcutdlas da

gssft jhgssfs smluhi cf rfefjtfi. Mf giis tmgt vgrdgajf ds ga dagpprlprdgtf bfgsurf l` rdsn wmfa

rftura idstrdcutdlas grf alt sybbftrdj. Hdnfwdsf Tluak, Hff gai Ifvgafy (3??0) fxphgda tmgt dt ds

uasg`f gssubdak alrbghdty da prlpfrty rfturas.

Yrgidtdlagh `rgbfwlrn sujm gs B_Y grf fssfatdghhy laf-pfrdli blifhs tmgt `gdh tl tgnf datl gjjluat

vgrdfi bgrnft jlaidtdlas gai jga prliujf rfsuhts tmgt grf gt liis wdtm davfstlr fxpfjtgtdlas. Ymds

wluhi dbphy tmgt davfstlrs usdak B_Y gpprlgjmfs `lr gssft ghhljgtdla bdkmt alt kft tmf idvfrsd`djgtdla

cfaf`dts wmfa tmfy rfqudrf dt blst. Ymfrf`lrf D_@ (3?73g) givdsf tmgt gssft ghhljgtdla blifhs affi tl

dajlrplrgtf mdkmfr lrifr tfrbs l` ifpfaifajf tl bdadbdzf plrt`lhdl rdsn gs tmf Bgrnlwdtz @rgbfwlrn

datfaifi. Blrflvfr, tmf tdbf vgrydak agturf l` jlrrfhgtdla jga rfsuht da plrt`lhdl rdsn-rftura

jmgrgjtfrdstdjs cfdak gt liis wdtm tmf davfstlrs rdsn gttdtuif> sujm frrlrs wluhi affi tl cf jlrrfjtfi

tmrlukm fxpfasdvf plrt`lhdl rfcghgajdak gjtdvdty.

Da tmf sdakhf daifx blifh l` gssft rfturas, cftg ds difatd`dfi gs tmf vdsdchf jlbplafat l` tmf systfbgtdj

rdsn l` gay trgifi gssft. Zl da tmds rfsfgrjm prlefjt, rfkrfssdla ds usfi tl davfstdkgtf mlw cftg

jmgakfs wdtm rfspfjt tl id``frfat fjlalbdj vgrdgchfs. @urtmfrblrf, gssft ghhljgtdlas da khlcgh

bdadbub vgrdgajf plrt`lhdls wdhh cf stuidfi usdak tmf bfga vgrdgajf gaghysds tl davfstdkgtf tmf

stgcdhdty l` gssft ghhljgtdla iurdak jmgakdak fjlalbdj gai `dagajdgh favdrlabfats. _rlvdak tmgt

wfdkmts lr ghhljgtdla pfrjfatgkfs prlplsfi `lr prlpfrty da gay laf pfrdli grf uahdnfhy tl cf `luai da

galtmfr, sdbdhgr tl Cyraf gai Hff (7446) `daidaks.

Ymf qufstdla tmfa ds mlw davfstlrs gai ùai bgagkfrs grf tl gieus t. Gs Hff gai Ztfvfaslas (3??0)

`daidaks givdsf, tmf cfaf`dts l` tmf dajhusdla l` rfgh fstgtf tfai tl dajrfgsf gs tmf davfstbfat mlrdzla

ds fxtfaifi. Dt dbphdfs tmgt rfgh fstgtf smluhi cf jlasdifrfi gs g strgtfkdj gssft jhgss wdtmda tmf

bdxfi gssft plrt`lhdl. [mdhst Hff (3??3) sukkfsts tmgt ùai bgagkfrs bgy cf kdvfa tmf idsjrftdla tl

ifvdgtf `rlb strgtfkdj gssft ghhljgtdla wfdkmts tl tgnf givgatgkf l` tgjtdjgh jlasdifrgtdla, mf jdtfs

Mgrrdsla (7443) wml grkufs tmgt sujm ifvdgtdlas grf usughhy sft wdtmda tdkmt hdbdts. Mlwfvfr, fvfa d`

hdbdts wfrf jlasdifrgchy hllsf, tmf jmgrgjtfrdstdjs l` idrfjt rfgh fstgtf gs ga gssft jhgss bgnf dt

id``djuht gai lafrlus `lr dastdtutdlagh davfstlrs, ùai bgagkfrs gai davfstlrs tl `rfqufathy rfcghgajf

tmfsf bdxfi gssft plrt`lhdls. Ymds ds bgdahy iuf tl tmf dhhdqudi agturf l` tmf gssft.

La tmf ltmfr mgai, gjjlridak tl Cyraf & Hff (3??:), tmf fx-plst ifvdgtdla ds `gdrhy drrfhfvgat `lr tmf

hgrkfr dastdtutdlagh davfstlrs (wml grf blrf hdnfhy tl mlhi hgrkfr ghhljgtdlas tl prlpfrty), gs tmfy grf

blrf jlajfrafi wdtm tmf tfrbdagh wfghtm l` tmf plrt`lhdl ghlak wdtm tmf stgaigri ifvdgtdla l` tmds


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tfrbdagh wfghtm. Ymgt ds tl sgy, gs Hff gai Ztfvfasla (3??9) `luai, rfgh fstgtf smluhi cf jlasdifrfi

gs g strgtfkdj gssft jhgss. Dt daidjgtfs tmgt hfss jlasdifrgtdla smluhi cf kdvfa tl tmf da-pfrdli plrt`lhdl

vlhgtdhdty tmgt tmf gsybbftrdj agturf l` rfgh fstgtf rfturas bgy jgusf gai blrf `ljus phgjfi la tmf

tfrbdagh wfghtm gai tfrbdagh wfghtm stgaigri ifvdgtdla (Y[ZI). Cfsdifs Cyraf & Hff (3??:) smlw

tmgt tmf dajhusdla l` rfgh fstgtf da tmf bdxfi gssft plrt`lhdl l``frs dbprlvfbfats da tfrbdagh wfghtm gai

Y[ZI.

Ymf afxt sfjtdla rfvdfws tmf fxtfasdvf rfsfgrjm gai hdtfrgturf la tmf ghhljgtdla l` rfgh fstgtf wdtmda

tmf bdxfi gssft plrt`lhdl, dajhuidak ltmfr rfhfvgat tmfbfs. Afxt, tmf bftmlis usfi tl davfstdkgtf tmf

stuiy grf stgtfi `lhhlwfi cy tmf fbpdrdjgh rfsuhts. Ymf `dagh sfjtdla idsjussfs tmf `daidaks gai rfvdfws

tmf dbphdjgtdlas `lr tmf rfgh fstgtf da tmf bdxfi gssft plrt`lhdl iurdak pfrdlis l` fjlalbdj uajfrtgdaty,

wmdhst sukkfstdak plssdchf rlutfs `lr ùrtmfr stuiy.

3 - Hdtfrgturf Sfvdfw

3.7 - Vaifrstgaidak Sfgh Fstgtf gs ga Gssft Jhgss

@gclzzd (3??4) gai Krucfr (744;) gkrff tmgt ga gssft jhgss jga cf if`dafi da tmf tfrbs l` tmfdr

smgrfi davfstbfat gttrdcutfs, ùaigbfatgh fjlalbdj sdbdhgrdtdfs ghlak wdtm ltmfr jmgrgjtfrdstdjs,

wmdjm id``frfatdgtf tmfb `rlb gssfts tmgt grf alt pgrt l` tmf jhgss. @gclzzd (3??4) sukkfsts tmgt

if`dadak ga gssft jhgss tmds wgy bfgas tmgt tmf jlrrfhgtdla l` rfturas cftwffa id``frfat gssft jhgssfs

wdhh cf hlw. Ymf `lrbfr stgtfbfat ds gjjurgtf da tmgt, fjlalbdj ùaigbfatghs tlkftmfr wdtm tmf

daidvdsdchf agturf gai hlw trgidak vlhubfs l` rfgh fstgtf jga idstdakudsm dts rfturas `rlb ltmfr bdxfi

gssft plrt`lhdl jluatfrpgrts hdnf fqudtdfs tmgt grf jlavfrsfhy idvdsdchf gai fxpfrdfajf mdkm trgidak

vlhubfs. Mlwfvfr, @gclzzd (3??4) `ghhs smlrt la tmds sukkfstdla gs mf `gdhs tl rfjlkadsf tmf tdbf

vgrydak agturf l` jlrrfhgtdlas cftwffa gssfts fspfjdghhy iurdak pfrdlis l` fjlalbdj uajfrtgdaty, hdnf

tmf rfjfat khlcgh `dagajdgh jrdsds.

Hdzdfrd (3?7:) fxphgdas tmgt gs g jlasfqufajf l` tmf khlcgh `dagajdgh jrdsds tmf pfrjfptdla l` rfgh fstgtf

gs g rdsn idvfrsd`dfr da bdxfi gssft plrt`lhdls wdtm iluct cfdak jgst la tmf rdsn bgagkfbfat rlhf l` rfgh

fstgtf wdtmda tmf bdxfi gssft plrt`lhdl.

Ghtmlukm tmf gcdhdty l` rfgh fstgtf tl gjt gs g plrt`lhdl idvfrsd`dfr mgs cffa qufstdlafi, dt ds dbplrtgat tl

altf tmgt wdtmda gai lut l` tmf bdxfi gssft plrt`lhdl jlatfxt, rfgh fstgtf ilfs l``fr ltmfr cfaf`dts. Laf

l` wmdjm ds tmgt dt sfrvfs gs g mfikf gkgdast da`hgtdla. Dt ghsl mgs mdkm gai stgchf dajlbf krlwtm gai

prfsfats tmf plssdcdhdty l` jgpdtgh kgda. JCSF (3?73) altf tmgt tmds ds ga dbplrtgat pgrt l` tmf

davfstbfat ifjdsdla, fspfjdghhy `lr davfstlrs `lhhlwdak gssft-hdgcdhdty bgtjmdak strgtfkdfs.

Zlbf l` tmf smlrtjlbdaks l` tmf gssft jhgss dajhuif dts mdkm trgasgjtdla jlst, hgrkf hlt sdzf,

daidvdsdcdhdty gai qudtf dbplrtgathy tmf dhhdqudi agturf l` tmf gssft (Nadkmt, Hdzdfrd gai Zgtjmfhh, 3??6>

Hff, 3??6> Hff & Ztfvfasla 3??6> Hff & Ztfvfasla, 3??9, Bgjkrfklr & Agatmgnubgrga, 7443).


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3.3 - Sfgh Fstgtf gs g Idvfrsd`dfr

@lr lvfr 3? yfgrs rfsfgrjmfrs mgvf cffa rfjlbbfaidak tmgt davfstlrs idvfrsd`y tmfdr bdxfi gssft

plrt`lhdls cy giidak idrfjt rfgh fstgtf (Hff, 3??:j). Ymds rfjlbbfaigtdla `uaigbfatghhy lrdkdagtfs

`rlb tmf jlbcdagtdla l` gppgrfathy strlak rdsn-gieustfi rfturas gai hlw lcsfrvfi jlrrfhgtdla cftwffa

rfgh fstgtf gai ltmfr gssft jhgssfs. Da hdaf wdtm B_Y, gssfts tmgt grf hfss tmga pfr`fjthy jlrrfhgtfiwdtm ltmfr gssfts da g bdxfi gssft plrt`lhdl rfiujf tmf plrt`lhdl vgrdgajf, gs tmf id``frfat rftura

pgttfras pgrtdghhy l``sfts ltmfrs wdtm tmf f``fjt l` sblltmdak tmf wmlhf plrt`lhdls vlhgtdhdty.

[mdhst Zfcfmfhg (3?73) sukkfsts tmgt blst fbpdrdjgh stuidfs l` ifvfhlpfi bgrnfts dhhustrgtf tmgt

ghtfragtdvf davfstbfats sujm gs rfgh fstgtf grf `lr bdadbdsdak rdsns l` idvfrsd`dfi plrt`lhdls gs lpplsfi

tl dajrfgsdak rfturas. Hff gai Ztfvfasla (3??0), ifiujf `rlb tmfdr stuiy tmgt wdtmda g smlrtfr

davfstbfat mlrdzla (6 yfgr mlhidak pfrdli) tmf rftura famgajfbfat cfaf`dts l` idrfjt rfgh fstgtf ds la

gvfrgkf krfgtfr tmga dts rdsn rfiujtdla/idvfrsd`djgtdla cfaf`dts.

Ymf kfafrghhy dbprlvfi rdsn gieustfi rfturas tmgt fbfrkf `rlb tmf dajhusdla l` idrfjt rfgh fstgtf da tmf

bdxfi gssft plrt`lhdl grf g rfsuht l` tmf plsdtdla tmgt rfgh fstgtf gilpts la tmf f``djdfat `rlatdfr. Dts hlw

plsdtdla (hlw vgrdgajf, hlw rfturas) la tmf `rlatdfr ghhlws dt tl prliujf cfttfr rdsn-gieustfi rfturas tmga

ltmfr gssfts. Gs @dkurf 7 cfhlw smlws, idrfjt rfgh fstgtf mgs tmf gcdhdty tl prliujf sdbdhgr rfturas wdtm

sucstgatdghhy hlwfr rdsns.

@dkurf 75 Gssft Sdsn gai Sftura Jlbpgrdsla (74=;-3?77 Wugrtfrhy)

Gssft Sftura Sdsn

D_I Ghh _rlpfrty Daifx Sftura 3.3?4% :.:9?%

Fqudtdfs - (@YGZ) 3.63;% ;.4?0%

VN Kdhts - 6 tl 76yfgrs 3.7::% 3.907%

Zlurjf5 D_I VN Blatmhy Bgrnft Idkfst Egaugry 3?77

@urtmfrblrf, da jlbpgrdsla wdtm ltmfr gssfts tmgt usf g trgasgjtdlagh-cgsfi systfb, tmf prdjdak

bfjmgadsb `lr tmf gssfts da tmf idrfjt rfgh fstgtf bgrnft ds vghugtdla/gpprgdsgh cgsfi. Hff (3??6)

fxphgdas tmgt tmf gpprgdsgh prljfss daiujfs shukkdsmafss datl tmf vlhgtdhdty l` rfgh fstgtf rfturas. Ymds

shukkdsmafss sfhilb ghhlws `lr rgpdi smgrp rdsfs lr `ghhs da rfgh fstgtf gssft prdjfs, wmdjm grf l`tfa

sffa da ltmfr trgasgjtdla cgsfi bdxfi gssft plrt`lhdl jluatfrpgrts hdnf fqudtdfs gai kdhts. Ltmfrsgrkuf tmgt tmds shukkdsmafss bgy cf ga damfrfat jmgrgjtfrdstdj l` tmf rfgh fstgtf gssft jhgss.

Gs tmds stuiy wdhh smlw, tmf idvfrsd`djgtdla cfaf`dts tmgt idrfjt rfgh fstgtf l``frs grf l`tfa gcsfat

cfjgusf l` tmf dagjjurgtf ifpdjtdla l` idvfrsd`djgtdla tmgt tdbf-vgrydak jlrrfhgtdlas prliujf. Dt mgs

sdkad`djgat dbphdjgtdlas `lr gssft ghhljgtdla. Ymf tmfbf l` tmf gcsfat idvfrsd`djgtdla gai rdsn rfiujtdla

cfaf`dts l` rfgh fstgtf da bdxfi gssft plrt`lhdls mgs cffa tl tlpdj l` bgay puchdsmfi stuidfs (sff

Hdzdfrd, 3?7:> D_@, 3?73g> D_@, 3?73i> Nadkmt, Hdzdfrd gai Zgtjmfhh, 3??6> Hff, 3??:g `lr rfvdfws).

Ymfy mgvf grkufi tmgt tmf jlrrfhgtdla l` prlpfrty wdtm ltmfr gssfts vgry bgrnfihy iurdak pfrdlis l`

fjlalbdj ilwatura, rfiujdak tmf stgcdhdsdak f``fjt l` g idvfrsd`dfi plrt`lhdl. Bfgadak tmgtidvfrsd`djgtdla l`tfa `gdhs gai davfstlrs bgy alt kft tmf cfaf`dts tmfy rfqudrf wmfa tmfy grf affifi


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tmf blst. Lajf blrf, tmf rgtdlaghf cfmdai rfgh fstgtf gs g idvfrsd`dfr da g bdxfi gssft plrt`lhdl stfbs

`rlb dts hlw jlrrfhgtdla wdtm ltmfr gssft jhgssfs. Ymds bgnfs tmf gssft g prfbdfr jmldjf da gssft

ghhljgtdla gai lptdbdsfrs blifhs. Mlwfvfr, gs tmf hdtfrgturf mgs smlwa, gai wdhh smlw gs wf kl la,

tmf ùaigbfatghs cfmdai rfgh fstgtfs gukbfatgtdla gs g idvfrsd`dfr da g bdxfi gssft plrt`lhdl jga cf

qufstdlafi. Zdajf tmf idvfrsd`djgtdla cfaf`dts grf l`tfa gcsfat jlajfdvgchy iuf tl tdbf-vgrydak

jlrrfhgtdlas, wmdjm mgs dbphdjgtdlas `lr sustgdagchf gssft ghhljgtdla.

3.: - Ydbf-Pgrydak Jlrrfhgtdla gai Gssft Ghhljgtdla

Sfdhhy gai Crlwa (3??6) rdkmthy fxphgda tmgt laf l` tmf bgelr givgajfs da tmf davfstbfat `dfhi lvfr tmf

pgst `fw ifjgifs mgs cffa tmf rfjlkadtdla tmgt tmf jrfgtdla l` ga lptdbgh davfstbfat plrt`lhdl ilfs

alt sdbphy davlhvf jlbcdadak aubfrlus daidvdiugh gssfts tmgt mgvf sudtgchf rdsn-rftura jmgrgjtfrdstdjs.

Gs B_Y fbfrkfi, tmf `ljus smd`tfi `rlb tmf daidvdiugh gssfts tl tmf plrt`lhdl jlbplsdtdla gs g wmlhf

gs wfhh gs tmf rfhgtdlasmdps cftwffa gssfts wdtmda tmf plrt`lhdl. Da hdfu l` `dkmtdak jgpdtgh bgrnfts,

tmfsf strgtfkdfs gdb tl datfhhdkfathy rdif wdtm tmfb (Kdcsla, 744?). Hdnfwdsf Bgjkrfklr &Agatmgnubgrga (7443) bgnf gjjurgtf gssfrtdlas da gjnalwhfikdak tmgt g plrt`lhdls jlbplsdtdla ds

alt lahy cgsfi la tmf rdsn gai rftura jmgrgjtfrdstdjs l` daidvdiugh gssfts cut ghsl la tmf ifkrff l`

gssljdgtdla cftwffa tmf gssft jhgssfs rftura.

Ymf ifkrff l` gssljdgtdla, wmdjm ds bfgsurfi cy tmf mdstlrdjgh jlrrfhgtdla cftwffa gssfts vghuf laf

l` tmf fhfbfats tmgt B_Y gpprlgjmfs gilpt tl lctgda vgrdlus gssft ghhljgtdlas. Dt ds gssubfi tmgt tmds

jlrrfhgtdla ds jlastgat lvfr tdbf, mlwfvfr fbpdrdjgh igtg sukkfsts tmgt tmfsf jlrrfhgtdlas grf tdbf-

vgrydak. D_@ (3?73g) tmlrlukmhy fxpluai la tmds cy altdak tmgt tmf sfbdagh wlrns l` Bgrnlwdtz (7463),

Zmgrpf (7409) gai Fhtla gai Krucfr (74;;) ifblastrgtf tmgt tmf jlajfpt l` ifpfaifajf cftwffa

gssft rfturas ds ùaigbfatgh tl gssft ghhljgtdla gai plrt`lhdl jlastrujtdla. Dt ds altfi tmgt gs tmf

aubcfr l` gssfts da tmf plrt`lhdl rdsfs, tmf tltgh rdsn l` tmf plrt`lhdl jlavfrkfs tl tmf gvfrgkf

jlvgrdgajf cftwffa tmf gssfts rgtmfr tmga tmf rdsn jmgrgjtfrdstdjs l` gay daidvdiugh gssfts (Fhtla gai

Krucfr, 74;;).

Gs prfvdlushy ifsjrdcfi, tmf jlrrfhgtdla ds alt g jlastgat `dxfi idstrdcutdla cut g pgrgbftfr tmgt ds

dtsfh` ifpfaifat la fjlalbdj gai bgrnft jlaidtdlas. Fbphlydak tmds `dkurf wdhh prliujf dagjjurgtf

ifpdjtdlas l` tmf truf tdbf vgrydak agturf l` jlrrfhgtdla rfhgtdlasmdps. Hdzdfrd (3?7:) `dais tmgt vlhgtdhdty

da jlrrfhgtdlas daidjgtf tmgt cgsdj sdakhf-pfrdli jlvgrdgajf gpprlgjmfs tl rdsn idvfrsd`djgtdla bgy cf

bdshfgidak. Zujm ga gpprlgjm dbphdfs tmgt tmf pfrdlis wmfrf idvfrsd`djgtdla cfaf`dts bgy fxdst iuf tl

tmf dajhusdla l` rfgh fstgtf gai ltmfr pgrtdjuhgr gssft jlbcdagtdlas vgry lvfr tdbf, iuf tl strujturgh

jmgakfs da tmf jlrrfhgtdla pgttfras.

Cfgrdak da bdai tmf `gjt tmgt jrfgtdla l` lptdbgh ghhljgtdlas `lr vgrdlus gssft jhgssfs ds tmf `ljgh pldat

l` tmf davfstbfat prljfss> Kdcsla (744?) fxphgdas tmgt tmf jmldjf l` gssft jgtfklrdfs gai tmfdr

rfspfjtdvf wfdkmts da g plrt`lhdl wdhh mgvf g hgrkf dbpgjt la ùturf pfr`lrbgajf. G stuiy cy Bffsblrf

(7446) `luai tmgt tmf dbpgjt l` tmf dajhusdla l` rfgh fstgtf da g bdxfi gssft plrt`lhdl ifpfaifi la tmf

ghhljgtdla pfrjfatgkf gssdkafi tl rfgh fstgtf, gs wfhh gs tmf gssft jhgss rfphgjfi wdtmda tmf plrt`lhdl.

Hdnfwdsf, Hff (3??:c) `dais tmgt rfgh fstgtf jga dajrfgsf tmf jlbpluai rfturas l` g plrt`lhdl gclvf


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ga fxdstdak plrt`lhdl jlasdstdak l` ltmfr gssfts. Mlwfvfr, tmf dbpgjt wluhi cf ifpfaifat la tmf

pfrjfatgkf ghhljgtdla l` rfgh fstgtf gai tmf gssfts rfphgjfi.

Ymf prfjfidak fvdifajf vghdigtfs tmf ùaigbfatgh rlhf tmgt gssft ghhljgtdla phgys da tmf davfstbfat

prljfss. Zdajf tmf mdstlrdjgh jlrrfhgtdla cftwffa gssfts ds tmf fhfbfat tmgt B_Y gpprlgjmfs gilpt da

lctgdadak vgrdlus gssft ghhljgtdlas, tmf gjjurgjy gai stgcdhdty l` tmf `dkurf ds jrujdgh. [dtmlut tmds

gjjurgjy gai stgcdhdty, gssft ghhljgtdlas bgy fai up cfdak jlatrgidjtlry tl davfstlr rdsn-rftura

gppftdtfs. Jlasfqufathy afjfssdtgtdak jlastgat gai fxpfasdvf plrt`lhdl rfcghgajdak gjtdvdty, wmdjm

jga cf fxgjfrcgtfi d` tmf jlrrfhgtdla pgttfras grf vlhgtdhf. Hfgidak tl g jlajhusdla tmgt lvfr tdbf g

sdakhf plrt`lhdl ghhljgtdla strgtfky bgy alt cf lptdbgh. [dtm rfkgris tl rfgh fstgtf, dts dhhdqudi agturf,

hgrkf hlt sdzf, daidvdsdcdhdty, hlw trgidak vlhubfs ghlak wdtm dts mdkm trgasgjtdlagh jlsts bgnf jlastgat

plrt`lhdl rfcghgajdak ga fspfjdghhy dbprgjtdjgh tgsn.

[mgt grf tmfa tmf dbphdjgtdlas `lr ùai bgagkfrs gai davfstlrs mlhidak rfgh fstgtf da tmfdr bdxfi

gssft plrt`lhdls< Cyraf gai Hff (3??:) gai Hff (3??:c) grkuf tmgt hlak tfrb dastdtutdlagh davfstlrs

wml bgy mgvf hlakfr mlhidak pfrdlis, smluhi cf hfss jlajfrafi gclut tmf da-pfrdli vlhgtdhdty l` tmfdr

bdxfi gssft plrt`lhdls. Sgtmfr blrf gttfatdla cf pgdi tl bgxdbdsdak tmf tfrbdagh wfghtm gai

jlbpluai rfturas gs wfhh gs rfiujdak tmf tfrbdagh wfghtm stgaigri ifvdgtdla (Y[ZI). Ymds wgs

rfda`lrjfi cy `daidaks, wmdjm ifblastrgtfi tmgt tmf dajhusdla l` rfgh fstgtf da tmf bdxfi gssft plrt`lhdl

gppfgrfi tl l``fr dbprlvfbfats da tfrbdagh wfghtm gai jlbpluai rfturas tlkftmfr wdtm g rfiujtdla tl

tmf Y[ZI.

Ymds sffbs hdnf g phgusdchf sukkfstdla gs Hff gai Ztfvfasla (3??0) grkuf tmgt rfgh fstgtf smluhi cf

jlasdifrfi gs g strgtfkdj gssft jhgss sffdak gs tmf cfaf`dts l` dts dajhusdla tfai tl dajrfgsf gs tmf

davfstbfat mlrdzla ds fxtfaifi. Mlwfvfr, ghcfdt tmf tfrbdagh wfghtm gai tmf gcdhdty l` dastdtutdlagh

davfstlrs tl bfft tmfdr `dagajdgh lchdkgtdlas gai `dagajf tmf hdgcdhdtdfs ds nfy, dt jga cf grkufi jlrrfjthy

tmgt al hfss jlajfra smluhi cf smlwa tlwgris tmf da-pfrdli vlhgtdhdty. Ymds ds cfjgusf> drrfspfjtdvf l`

rfplrtdak pfrdli (gaaughhy, cd-gaaughhy lr qugrtfrhy) tmfsf dastdtutdlagh davfstlrs gai ùai bgagkfrs

grf rfqudrfi tl rfplrt tmfdr prlkrfss gai pfr`lrbgajf tl tmf davfstlrs. Sfkgrihfss l` g ùai

bgagkfrs gcdhdty tl ifhdvfr supfrdlr jlbpluai rfturas, d` tmfrf ds jlastgat da-pfrdli vlhgtdhdty lr da-

pfrdli uaifrpfr`lrbgajf da tmf bdxfi gssft plrt`lhdls, dt crdaks uafgsf iuf tl jlasdstfathy

dbcghgajfi davfstlr rdsn-rftura prf`frfajfs, hlss l` klliwdhh gai plssdchy sjfptdjdsb da tmfgjmdfvgcdhdty l` `dagajdgh lchdkgtdlas.

Ymfrf`lrf, iuf tl tmf jrujdgh rlhf jlrrfhgtdlas phgy da lptdbdsfrs gai cfjgusf tmfsf jlrrfhgtdlas grf

tdbf vgrydak fspfjdghhy iurdak pfrdlis l` fjlalbdj ilwatura, dt jga cf sukkfstfi tmgt sustgdagchf

gssft ghhljgtdla bgy alt cf gjmdfvgchf pgrtdjuhgrhy vds--vds tmf rfgh fstgtf gssft jhgss. Zffdak gs

jlrrfhgtdla ds alt g jlastgat `dxfi idstrdcutdla cut g pgrgbftfr tmgt ds dtsfh` ifpfaifat la fjlalbdj

gai bgrnft jlaidtdlas rfgh fstgtf ghhljgtdlas da g bdxfi gssft plrt`lhdl wdhh vgry iurdak id``frfat

fjlalbdj jlaidtdlas. Kdcsla (744?) altfs tmf sdbuhtgaflus smd`t l` gttfatdla `rlb rftura

famgajfbfat da `gvlur l` rdsn rfiujtdla, tmds ds fvfa blrf pfrtdafat g`tfr tmf rfjfat khlcgh `dagajdghjrdsds. Ymds ifaltfs tmgt rdsn gvfrsf davfstlr gppftdtfs wdhh cf mgrifr tl bgdatgda d` vlhgtdhf jlrrfhgtdlas


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jlatdauf prliujdak dagjjurgtf rfprfsfatgtdlas l` tmf dajrfgsfi idvfrsd`djgtdla gai rdsn-gieustfi

cfaf`dts l` tmf dajhusdla l` rfgh fstgtf da bdxfi gssft plrt`lhdls. _grtdjuhgrhy d` tmfsf idvfrsd`djgtdla

cfaf`dts wdhh alt cf ifhdvfrfi wmfa tmfy grf rfqudrfi tmf blst.

3.9 - F``fjts l` Pghugtdla Zblltmdak

Gs lpplsfi tl tmf bgrnft cgsfi prdjdak systfb l` fqudtdfs gai kdhts, tmf vghugtdla cgsfi prdjdak

systfb `lr prlpfrty mgs cffa wdifhy jrdtdjdsfi. Dt ds jlbblahy gkrffi tmgt tmf gwgrfafss gai

uaifrstgaidak l` rdsn da pfr`lrbgajf bfgsurfbfat da rfgh fstgtf ds stdhh rfhgtdvfhy hdbdtfi. _grt l` tmf

rfgsla `lr tmds ds tmf `ljus la trgidtdlagh tfgjmdak bftmlis l` vghugtdla, wmdjm `gdh tl wmlhhy phgjf

prlpfrty da g jgpdtgh bgrnft jlatfxt (Sfdhhy gai Crlwa, 3??6). Ymds bfgas tmgt prlpfrty rfturas grf

shlw tl rfgjt tl tmf jmgakfs da fxpfjtgtdlas gclut tmf fjlalbdj favdrlabfat (Bgjkrfklr &

Agatmgnubgrga, 7443). Dt ds bgdatgdafi tmgt tmds mgs hfi tl hlwfr jlrrfhgtdlas l` rfgh fstgtf wdtm ltmfr

gssft jhgssfs, ghsl jgusdak tmf vlhgtdhdty l` rfgh fstgtf tl cf jlasdifrgchy uaifrstgtfi (Hff, 3??6> Hff

gai Ztfvfasla, 3??9). Zdajf lptdbdsfrs ghhljgtf gssfts wdtmda g plrt`lhdl da gjjlrigajf wdtm tmfrfhgtdlasmdp cftwffa gssfts, da g stgaigri bdxfi gssft plrt`lhdl wdtm fqudtdfs, kdhts gai rfgh fstgtf,

rfgh fstgtf usughhy mgs uarfghdstdjghhy mdkm ghhljgtdlas, fvfa g`tfr igtg mgs cffa if-sblltmfi gai rdsn

prfbdg giifi `lr dhhdqudidty (D_@, 3?73g> Hff, 3??6> Cyraf gai Hff, 7446). Bujm mdkmfr tmga wmgt ds

lwafi cy dastdtutdlagh davfstlrs. Blrflvfr, Zgaifrs (744=) `luai tmgt g`tfr gieustdak AJSFD@ daifx

`lr gpprgdsgh cdgs prdvgtf rfgh fstgtf stdhh rfjfdvfi 7?%-9?% ghhljgtdlas wdtmda tmf bdxfi gssft

plrt`lhdl, wmdjm ds da hdaf wdtm ltmfr stuidfs (Mlfshd ft gh.3??9).

Da tmf `gjf l` uajfrtgdaty gai gs g rfsuht l` tmda trgasgjtdla vlhubfs, D_@ (3?73g) fxphgda tmgt

vghugtdla prljfiurfs davlhvf vghufrs usdak tmfdr lwa mdstlrdjgh gpprgdsghs gai wfdkmtfi gvfrgkfs l`jlatfbplrgaflus da`lrbgtdla sfts. Ymfy fxphgda tmgt gay sfrdfs tmgt ds f``fjtdvfhy g blvdak gvfrgkf

wdhh uaifrstgtf tmf vlhgtdhdty l` gay uaifrhydak gssft bgrnft, jlasfqufathy lvfrstgtdak tmf rdsn-gieustfi

rfturas. Sfvfghdak tmgt tmf cfaf`dts l` rfgh fstgtf da bdxfi gssft plrt`lhdls bgy cf fxgkkfrgtfi. La

tmf ltmfr mgai, tmlukm Bgjkrfklr & Agatmgnubgrga (7443) gjnalwhfikf tmgt tmf vlhgtdhdty l`

prlpfrty ds uaifrstgtfi, tmfy sukkfst tmgt tmf jlbphfxdty l` prljfssfs sujm gs ifbgai, supphy,

phgaadak jlastrgdats ghlak wdtm ltmfr fvfats tmgt bgy alt cf idrfjthy trdkkfrfi cy tmf fjlalby cut grf

spfjd`dj tl tmf prlpfrty bgrnft, bgy ljjur. Ymfy fxphgda tmgt sujm ljjurrfajfs bgy jgusf

gieustbfats tl dajlbf gai jgpdtghdsgtdla rgtfs, plssdchy ifblastrgtdak tmgt hlw rfhgtdvf jlrrfhgtdlas

cftwffa prlpfrty gai ltmfr gssfts bgy cf ga damfrfat jmgrgjtfrdstdj l` tmf prlpfrty bgrnft. Sgtmfr

tmga igtg lr vghugtdla rfhgtfi da`hufajfs.

Ghtfragtdvfhy, tmf gjjurgjy l` trgasgjtdla/bgrnft cgsfi `dkurfs gkgdast tmgt l` idrfjt prlpfrty

vghugtdlas jga cf qufstdlafi. Gs dt jga cf jlrrfjthy grkufi tmgt smgrp rdsfs gai `ghhs da

trgasgjtdla/bgrnft-cgsfi gpprlgjmfs bgy alt rfprfsfat g jmgakf da `uaigbfatghs cut rgtmfr

jmgakfs da da`hgtdla gai ltmfr `gjtlrs. Ymfrf`lrf trgasgjtdla/bgrnft-cgsfi daidjfs bust alt ghwgys cf

tmlukmt l` gs supfrdlr tl vghugtdla-cgsfi systfbs.


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3.6 - Ala-Alrbghdty l` Sfgh Fstgtf Sfturas

B_Y gpprlgjmfs gssubf tmgt rftura idstrdcutdlas `lr gssfts (da tmds jgsf rfgh fstgtf) grf BPA.

Dbphydak tmgt tmf rfhgtdlasmdps cftwffa gssfts grf difb da alrbgh, fxtrfbf cuhhdsm gai cfgr bgrnfts.

Ymds `lrbs tmf cgsds l` Bgrnlwdtzbfga-vgrdgajf plrt`lhdl sfhfjtdla blifhs.

@gclzzd (3??4) stgtfs tmgt fbpdrdjgh stuidfs l` `dagajdgh bgrnfts tlkftmfr wdtm tmflrftdjgh grkubfats

sukkfst tmgt BPA idstrdcutdlas l` rfturas da kfafrgh smluhi cf rfefjtfi. Giidak tmgt rfgh wlrhi

idstrdcutdlas mgvf `gttfr gai mfgvdfr tgdhs tmga alrbgh idstrdcutdlas. Hdnfwdsf, Tluak, Hff gai

Ifvgafy (3??0) `dai tmgt dt ds uasg`f tl gssubf alrbghdty l` prlpfrty rfturas, sdajf alrbghdty wgs

rfefjtfi da VN gaaugh D_I igtg. Fxphgdadak `urtmfr tmgt hgjn l` alrbghdty da rfgh fstgtf igtg ds bgdahy

iuf tl tmf tmdaafss gai hgjn l` hdqudidty l` tmf bgrnft. Da Tluak, Hff gai Ifvgafy (3??0) jgsf, tmf

dbphdjgtdla ds tmgt tmf idstrdcutdla l` rfturas bgy cf `gr `rlb alrbgh gai da slbf jgsfs cf afgrfr tl g

vfry hlak-tgdhfi idstrdcutdlawdtm tmf tgdhs sl `gr fxtfaifi tmgt dt bgy alt fvfa cf usf`uh tl jghjuhgtf

pgrgbftfrs sujm gs vgrdgajf lr snfw. Da tmds fxtrfbf plsdtdla, tmf wmlhf gpprlgjm tl plrt`lhdl`lrbgtdla cgsfi la g twl pgrgbftfr-idstrdcutdla `ghhs ilwa. Ga ghtfragtdvf fxphgagtdla jga cf `luai

da tmf rfkdbf smd`t gpprlgjm wmfrf tmf rfturas bgy daiffi cf alrbghhy idstrdcutfi cut tmf idstrdcutdla

dtsfh` smd`ts cftwffa twl lr blrf rfkdbfs. Ymfsf rfkdbfs bgy cf prlvlnfi cy jmgakfs da tmf

fxtfragh favdrlabfat lr tmfy bgy cf ghblst rgailbhy kfafrgtfi. Da tmf `lrbfr jgsf, dt ds pfr`fjthy

plssdchf tl fxphgda wmy tmf rfturas l` fgjm gssft bgy gppfgr tl mgvf hlak tgdhs yft gt tmf sgbf tdbf

cf jgpgchf l` ghhlwdak sdakhf pfrdli plrt`lhdl gaghysds cgsfi la bfga gai vgrdgajf. Ymf hdangkf ds

tmf gcdhdty l` tmf davfstlr tl `lrfjgst da wmdjm rfkdbf tmf blifh ds jurrfathy lpfrgtdak. Da tmf buhtd-

rfkdbf gpprlgjm dt ds pfr`fjthy plssdchf tl lcsfrvf smd`tdak jlrrfhgtdlas spfjd`djghhy mdkmfr jlrrfhgtdlas

iurdak pfrdlis l` `dagajdgh strfss gai hlwfr jlrrfhgtdlas iurdak pfrdlis l` `dagajdgh jghb (D_@, 3?73g).

Ymf gssubptdla l` buhtd-vgrdgtf alrbghdty ds rfefjtfi da tmf rfgh fstgtf rfturas igtg usfi `lr tmds stuiy.

Gs @dkurf 3 smlws cfhlw, jlasdifrgchy mdkmfr afkgtdvf snfwafss gai mdkm plsdtdvf nurtlsds wgs

lcsfrvfi da rfgh fstgtf gssft rfturas tmga gay l` tmf ltmfr gssft jhgssfs gaghysfi.

@dkurf 35 Gssft Nurtlsds gai Znfwafss Jlbpgrdsla (74=;-3?77 Wugrtfrhy)

Ghh _rlpfrty Fqudt dfs - Ghh Zmgrf Kdhts - 6 tl 76 yfgrs

Nurtlsds 9.::3 7.:64 -?.3;?

Znfwafss -7.909 -?.490 -?.:3;


Gs Hdzdfrd gai [gri (3??7) `luai, drrfspfjtdvf l` rfkdla lr prlpfrty typf, alrbghdty ds rfefjtfi da blst

jgsfs. Ymf bgda rfgsla `lr tmf dagpprlprdgtf `dt ds tmf hfptlnurtdj agturf l` rfgh fstgtf rfturas.

D_@ (3?73g) hlkdjghhy fxphgdas tmgt d` tmf prlcgcdhdty l` 3 gssfts cltm mgvdak plsdtdvf rfturas ds alt

fqugh tl tmf prlcgcdhdty l` tmlsf gssfts cltm mgvdak afkgtdvf lr hlw rfturas, tmfa tmf stgaigri

sybbftrdj ifpfaifajf dbphdfi da tmf vgrdgajf jlvgrdgajf bgtrdx gai stgaigri plrt`lhdl blifh

dagifqugtfhy ifsjrdcfs tmf truf ifpfaifajf cftwffa tmlsf gssfts.


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Lcsfrvgtdlas l` dajrfgsfi gssft rftura ifpfaifajf sdbdhgr tl tmlsf sffa da tmf rfjfat khlcgh `dagajdgh

jrdsds wgs ghsl bgif iurdak tmf 744;-744= Sussdga gai Gsdga `dagajdgh pgadjs gai sucsfqufat tl tmf

VZ tfrrlrdst gttgjns da 3??7 (Hdzdfrd, 3?7:> Klrila, 3??4). Ymf `gjt tmgt tmf ifpfaifajf l` rfgh fstgtf

rfturas gai tmf rfturas l` ltmfr gssfts vgrdfs wdtm bgrnft trfais, gai tmf tfaifajy l` dajrfgsfi

ifpfaifajf da tmf `gjf l` fjlalbdj uajfrtgdaty ds rf`frrfi tl gs gsybbftrdj ifpfaifajf (D_@,3?73g). Ymf ifpfaifajf cftwffa rfturas ds gsybbftrdj wmfa mdkmfr jlrrfhgtdlas grf lcsfrvfi

iurdak tmf pfrdlis l` fjlalbdj ilwatura, wmdhst hlwfr jlrrfhgtdlas grf lcsfrvfi iurdak pfrdlis l`

fjlalbdj uptura. Gsybbftrdj ifpfaifajf jga cf sffa gs g stgtdstdjgh jla`drbgtdla l` tmf tdbf

vgrydak agturf l` `dagajdgh gssft jhgss rfturas. Dt ifblastrgtfs tmf krfgtfr tfaifajy l` rfhgtdlasmdp

cftwffa gssfts tl rdsf iurdak pfrdlis l` fjlalbdj ilwatura. Zmlwdak lajf gkgda tmgt idvfrsd`djgtdla

cfaf`dts bgy cf gcsfat wmfa tmfy grf rfqudrfi tmf blst. D_@ (3?73g) givdsf tmgt gssft ghhljgtdla

blifhs affi tl dajlrplrgtf mdkmfr lrifr tfrbs l` ifpfaifajf tl bdadbdzf plrt`lhdl rdsn gs tmf

Bgrnlwdtz @rgbfwlrn datfaifi.

3.0 - Ymf Yfafts l` Blifra _lrt`lhdl Ymflry

Ymf tfafts l` B_Y `lrb tmf cgsds l` tmf pfrpftughhy fvlhvdak davfstbfat `dfhi. Bdjmgui (744=) stgtfs

tmgt bfga vgrdgajf f``djdfajy ds tmf jhgssdj pgrgidkb l` blifra `dagajf `lr f``djdfat ghhljgtdla l`

jgpdtgh gblakst rdsny gssfts. Ymfsf tfafts grf tdfi wdtm jfrtgda gssubptdlas gclut fjlalbdj

cfmgvdlur gai bgrnft strujturf tmgt grf idsputfi da crlgifr davfstbfat spfjtrub, gai jga cf

prlchfbgtdj wdtmda rfgh fstgtf bgrnfts. Ymds ds cfjgusf wmdhst B_Y ds g laf pfrdli blifh, prdvgtf rfgh

fstgtf gssfts grf hlak pfrdli gssfts. D_@ (3?73g) fxphgda tmgt B_Y gai JG_B rfst la prfjgrdlus

gssubptdlas, gai da rfghdty alt ghh gssfts grf bgrnftgchf, davfstlrs `gjf jgpdtgh jlastrgdats, davfstlr

rdsn gttdtuifs il alt `lhhlw g qugirgtdj utdhdty ùajtdla gai tmfrf grf cgrrdfrs tl davfstbfat. Giidtdlaghhy,

blrf spfjd`dj tl rfgh fstgtf, jlsts vgry cy gssft jhgss gai wdtmda tmds gssft jhgss trgasgjtdla gai

gjqudsdtdla jlsts grf jlasdifrgchy mdkmfr. Blrf dbplrtgathy tmfsf tmflrdfs wrlakhy gssubf tmgt

ifpfaifajf cftwffa gssfts jga cf ùhhy jmgrgjtfrdsfi cy tmf vgrdgajf jlvgrdgajf bgtrdx, wmdjm

dajhuifs tmf jlvgrdgajf (jlrrfhgtdla) cftwffa rfturas.

[mgts blrf, Bdjmgui (744=) gai Bgjkrfklr & Agatmgnubgrga (7443) gkrff tmgt bfga vgrdgajf

lptdbdsfrs bgkad`y tmf dbpgjt l` fstdbgtdla frrlr cy lvfrusdak stgtdstdjghhy fstdbgtfi da`lrbgtdla,

bfgadak tmgt fvfatugh lptdbdsfi plrt`lhdls grf frrlr bgxdbdsfi gai l`tfa hgjn prgjtdjgh davfstbfat

vghuf. Ymf qugirgtdj utdhdty ùajtdla sdbphy sdkad`dfs tmgt gs hlak gs tmfrf ds su``djdfat rftura

jlbpfasgtdla, davfstlrs grf wdhhdak tl tgnf la blrf rdsn. Mlwfvfr, tmds ds gt liis wdtm gjtugh davfstlr

cfmgvdlur cfjgusf lvfr g jfrtgda rdsn hfvfh, rfkgrihfss l` tmf gppfgh l` rftura, davfstlrs wdhh cf

rfhujtgat.

Hdzdfrd (3?7:) bftdjuhlushy stgtfs tmgt gilptdak g sdakhf tdbf pfrdli, bfga-vgrdgajf lptdbdsgtdla

gpprlgjm wdhh alt jgpturf tmf jmgakdak rdsn rftura jmgrgjtfrdstdjs l` rfgh fstgtf. Fxphgdadak ùrtmfr tmgt

cftgs gai gssft jlrrfhgtdlas grf tdbf vgrydak, ghlak wdtm tmf da`hufajf l` ltmfr gssfts la tmf vlhgtdhdty

l` rfgh fstgtf. Laf bdkmt grkuf tmgt tmf ùaigbfatghs tmgt B_Y hdf la grf jrubchfi.


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76

Bdjmgui (744=) jhgrd`dfs tmgt tmf prgjtdjgh hdbdtgtdlas l` B_Y gai BPG grf alt g rf`hfjtdla l`

jlajfptugh `hgws l` Bgrnlwdtz, cut `hgws da dbphfbfatgtdla. Zukkfstdak tmgt tmfsf dbphfbfatgtdla

frrlrs rf`hfjt hgjn l` uaifrstgaidak l` tmf ùaigbfatgh stgtdstdjgh agturf l` BPG. Blrflvfr, Tluak,

Hff gai Ifvgafy (3??0) altf tmgt tmfrf ds al wgy tl bfgsurf jl-ifpfaifajf gblak prlpfrty rdsn

ùajtdlas wdtm stgtdstdjgh tllhs jurrfathy gvgdhgchf.

Sfkgrihfss, tmfsf `hgws, wmdjm dajhuif tmf gssubptdla l` alrbghdty, stdhh mgvf strlak afkgtdvf gssft

ghhljgtdla dbphdjgtdlas `lr davfstlrs. @gclzzd (3??4) fxphgdas tmgt d` rftura idstrdcutdlas wfrf sybbftrdj

tmfa vgrdgajf gai stgaigri ifvdgtdla wluhi cf klli bfgsurfs l` rdsn cut tmfy grf alt. Mf fxphgdas

tmgt rfturas grf cfttfr ifsjrdcfi gs `lhhlwdak g hlkalrbgh idstrdcutdla.

Jlasfqufathy, ghtfragtdvf rdsn bfgsurfs mgvf cffa rfjlbbfaifi. Cyraf gai Hff (744;) prlplsf g

Bfga Gcslhutf Ifvdgtdla lptdbdsgtdla, wmdjm ds sfasdtdvf tl ifpgrturfs `rlb alrbghdty cut stdhh

prliujfs lptdbgh plrt`lhdl jlbplsdtdlas sdbdhgr tl BPG (Tluak, Hff gai Ifvgafy, 3??0). Mgbfhdan

gai Mlfshd (3??9) usf g bgxdbub irgwilwa ùajtdla, Ztfvfasla (3??7) grkufs `lr tmf usf l`

Cgyfs-Ztfda fstdbgtlrs, wmdhst ltmfrs mgvf sukkfstfi sfbd-vgrdgajf bfgsurfs. Ymlukm rfsfgrjmfrs

mgvf givljgtfi tmf usf l` tmfsf bfgsurfs, D_@ (3?73g) altf tmgt bujm l` tmf hdtfrgturf mgs alt

jlasdifrfi wmftmfr tmf cfaf`dts l` idvfrsd`djgtdla wdhh cf uad`lrb gjrlss tmf idstrdcutdla, da tmgt

fxtrfbf fvfats wdhh mgvf cffa gjjluatfi `lr. La tmf ltmfr mgai, Bgjkrfklr & Agatmgnubgrga (7443)

difatd`y tmrlukm B_Y tmgt usf l` mdstlrdjgh igtg ds l` hdbdtfi usf da ifjdsdla-bgndak. Jlasfqufathy, g

rfjlbbfaigtdla ds bgif `lr fjlalbftrdj tfjmadqufs tl `lrfjgst dajlbf uaifr id``frdak fjlalbdj

sjfagrdls gai g idsjluatfi jgsm `hlw vghugtdla blifh tmgt wluhi prliujf prlpfr fxpfjtgtdla cgsfi

gaghysds l` rftura gai rdsn. Mlwfvfr, tmds ds sucefjt tl jlbphftf jlbprfmfasdla l` fjlalbdjjlaidtdlas uaifr wmdjm gssft rfturas grf sdbdhgr gai tmlsf wmlsf rfturas grf idssdbdhgr. Ymds wluhi

rfqudrf ga uaifrstgaidak l` irdvfrs l` vgrdlus gssft jhgssfs rfturas.

Alaftmfhfss, wf sffn tl qufstdla wmftmfr B_Ys `ljus lajlrrfhgtdla, bfga gai stgaigri ifvdgtdla

jga su``djdfathy jmgrgjtfrdsf tmf tdbf vgrydak agturf l` tmf ifkrff l` gssljdgtdla cftwffa rfgh fstgtf

rfturas gai tmf rfturas l` ltmfr gssft jhgssfs. Ghlak wdtm su``djdfathy jmgrgjtfrdsdak prlpfrty rdsn, da

tmf gcdhdty l` rfgh fstgtf ghhljgtdlas da bdxfi gssft plrt`lhdls tl rfbgda tmf sgbf da vgrdfi fjlalbdj

jlaidtdlas uaifr tmf tfafts l` B_Y. Jlasdstfathy bgdatgdadak davfstlr rdsn gppftdtfs gai jlasfqufathy

gvldidak jlsthy plrt`lhdl rfcghgajdak gjtdvdty, wmdjm ds blrf gppgrfat wdtm tmf prdvgtf rfgh fstgtf gssftjhgss.

: - Bftmlilhlky

Ymf tdbf-sfrdfs igtg fbphlyfi `lr tmf stuiy wgs Vadtfi Ndakilb prdvgtf jlbbfrjdgh rfgh fstgtf

rfturas, rgakdak `rlb Gprdh 74== tl Egaugry 3?77 (43 qugrtfrhy lcsfrvgtdlas). Ymf Vadtfi Ndakilb

`lrbs g vghugchf jgsf stuiy iuf tl tmf gvgdhgcdhdty l` tdbf sfrdfs l` rfgslagchy rlcust blatmhy

davfstbfat rftura igtg `rlb tmf Davfstbfat _rlpfrty Igtgcgan blatmhy daifx. Blrflvfr, tmf Vadtfi

Ndakilb faelys jlasdstfat jgpdtgh davfstbfat datl tmf Hlaila prlpfrty bgrnft, cfjgusf l` dts

rfputgtdla gs g sg`f mgvfa `lr lvfrsfgs davfstlrs.


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Gs sblltmdak ds hdnfhy tl cf g prlchfb gt daifx hfvfh gai ds blrf gjutf da blatmhy prlpfrty daidjfs

tmga da gaaugh lr qugrtfrhy daidjfs, tmf stuiy wgs jlaiujtfi da qugrtfrhy pfrdlis. Afvfrtmfhfss wf

jgrry lut g if-sblltmdak fxfrjdsf tl davfstdkgtf wmftmfr tmf prlchfb fxdsts da g su``djdfathy strlak

`lrb tl g``fjt tmf `daidaks. Ymf gkkrfkgtdla l` prlpfrtdfs datl ga daifx jgusfs vgrdgtdla da rfturas tl

cf uaifrstgtfi. Da usdak gpprgdsgh cgsfi rfgh fstgtf igtg, rfsfgrjmfrs mgvf typdjghhy gttfbptfi tlrfblvf tmf dbpgjt l` g vghugtdla upigtdak prljfss, dadtdghhy difatd`dfi cy, datfr ghdg Wuga gai Wudkhfy

(74=4), usdak slbf `lrb l` `dhtfrdak prljfss5 `lr rfvdfws sff, `lr fxgbphf, @dsmfr ft gh. (3??:), Kfhtafr

ft gh.(3??:), Bgrjgtl & Nfy (3??;) lr Hdzdfrd ft gh. (3?73).

Gilptdak tmf @dsjmfr, Kfhtafr gai [fcc (7449) if-sblltmdak bftmlis, g`tfr ruaadak rfkrfssdlas

sdkad`djgajf wgs idsjlvfrfi da tmf 7st gai 3

ai pfrdli hgks. Ymfsf wfrf tmf 3 pfrdlis usfi da tmf

fqugtdla tmgt ifrdvfi tmf if-sblltmfi rftura sfrdfs. Ymf gssubptdla tmgt tmf stgaigri ifvdgtdla l`

if-sblltmfi prdvgtf rfgh fstgtf rfturas ds gpprlxdbgtfhy mgh` tmf vlhgdhty l` fqudty rfturas, wmdjm da

tmds jgsf ds tmf @Y Ghh smgrf Daifx, wgs ghsl gilptfi `rlb tmf @dsjmfr ft gh. (7449) bftmlis. Mlwfvfr,dt smluhi cf altfi tmgt al if-sblltmdak prljfss ds pfr`fjt gai tmf jmldjf l` bftmli bgy cdgs tmf

rfsuhts.7

Ymf fbpdrdjgh gaghysds jlaiujtfi `lr tmds stuiy ds idvdifi datl twl pgrts5

7. Vsdak g rfkrfssdla gaghysds, tmds stuiy wdhh fvghugtf tmf tdbf vgrydak agturf l` tmf jlrrfhgtdla

cftwffa rfgh fstgtf gai ltmfr gssft jhgss rfturas iurdak tmf difatd`dfi vgrdfi fjlalbdj pfrdlis.

Yl difatd`y tmf pfrdlis l` fjlalbdj ilwatura, qugrtfrhy tdbf-sfrdfs igtg (74==-3?77) `lr Krlss

Ilbfstdj _rliujt da tmf Vadtfi Ndakilb gai _rliujtdla l` Yltgh Jlastrujtdla da Vadtfi Ndakilb

wgs jlhhfjtfi `rlb tmf Zt. Hluds @fifrgh Sfsfrvf Cgan (@fifrgh Sfsfrvf Fjlalbdj Igtg).

Yfjmadjghhy tmf daidjgtlr l` g rfjfssdla lr g pfrdli l` `dagajdgh strfss ds twl jlasfjutdvf qugrtfrs

l` afkgtdvf fjlalbdj krlwtm gs bfgsurfi cy g jluatry's Krlss Ilbfstdj _rliujt. @lr tmf

purplsfs l` tmds stuiy, tmds daidjgtlr wgs ghsl gpphdfi tl prliujtdla l` tltgh jlastrujtdla `dkurfs.

Ymf tgchf cfhlw smlws g`tfr fbphlydak tmds bftmli, lahy 9 rfjfssdlas lr pfrdlis l` `dagajdgh

strfss wfrf difatd`dfi `rlb tmf KI_, wmdhst 7: pfrdlis l` `dagajdgh strfss wfrf difatd`dfi `rlb tmf

tltgh jlastrujtdla tdbf-sfrdfs igtg.

@dkurf :5 Lcsfrvgtdlas

Krlss Ilbfstdj _rliujt

da tmf Vadtfi Ndakilb

_rliujtdla l` Yltgh

Jlastrujtdla da tmf Vadtfi

Ndakilb

Yltgh Gbluat l` 3 jlasfjutdvf

qugrtfrs l` afkgtdvf krlwtm9 7:

7Zff Gppfaidx 9 `lr blrf iftgdhs


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7;

Zucsfqufathy g afw tdbf sfrdfs wgs tmfa ifrdvfi `rlb difatd`dfi gs cfgr pfrdlis. Da tmds afw igtg

sfrdfs tmf qugrtfrs wmfrf cfgr pfrdlis wfrf alt difatd`dfi wfrf rfjlrifi gs g ? gai tmf

difatd`dfi cfgr pfrdlis wfrf rfjlrifi gs 7 buhtdphdfi cy tmf rftura l` tmf qugrtfr wmfrf tmf

pfrdli l` fjlalbdj ilwatura wgs `luai.

Mlwfvfr, 9 & 7: pfrdlis idi alt `lrb g su``djdfat grkubfat `lr tmf stuiy sl pfrdlis l` afkgtdvf

krlwtm, da fvfry qugrtfr da tmf _rliujtdla l` tltgh Jlastrujtdla da tmf Vadtfi Ndakilb wgs usfi

gs tmf Cfgr Daidjgtlr. [f difatd`y tmds gs tmf Cfgr vgrdgchf.Ymf Krlss Ilbfstdj _rliujt `lr tmf

Vadtfi Ndakilb wgs lvfrhllnfi iuf tl dts hgjn l` aubfrlus afkgtdvf krlwtm pfrdlis. Zdbdhgr tl

tmf Cfgr tdbf sfrdfs vgrdgchf tmf _lrt`lhdl Iubby Pgrdgchfwgs lctgdafi cy difatd`ydak pfrdlis

l` afkgtdvf krlwtm wdtmda tmf bdxfi gssft plrt`lhdl. @daghhy, `lr tmf bgda prlplsdtdla tmgt gssft

rfhgtdlasmdps rdsf da pfrdlis l` vlhgtdhdty, wmftmfr upwgris lr ilwawgris, g `dagh tdbf sfrdfs wmdjm

tlln gjjluat `lr tmds vlhgtdhdty wgs ifrdvfi. [f difatd`y tmds gs tmf Bgrnft _lrt`lhdl Plhgtdhdty

vgrdgchf.

@daghhy, tmf D_I Ghh _rlpfrty Sfturas, wmdjm ds tmf ifpfaifat vgrdgchf, wdhh cf rfkrfssfi gkgdast

tmf fxphgagtlry vgrdgchfs, wmdjm grf tmf bgrnft plrt`lhdl rftura, bgrnft plrt`lhdl rfturas t-7, tmf

cfgr tdbf sfrdfs gai tmf tdbf-sfrdfs daidjgtdak vlhgtdhdty da tmf gssft bgrnft phgjf. G`tfrwgris, tmf

cftg (rfkrfssdla jlf``djdfat), t-stgtdstdj gai tmf Gieustfi S-Zqugrfi wdhh cf fvghugtfi tl difatd`y

sfasdtdvdty gai sdkad`djgajf iurdak tmf vgrdfi pfrdlis> tmds sfasdtdvdty wdhh ghsl daidjgtf krfgtfr

hfvfhs l` gssljdgtdla, wmdjm dajhuifs jlrrfhgtdla. Ymf fqugtdlas `lr tmf rfkrfssdla fxfrjdsf grf

smlwa cfhlw5

S_ 2 + SB + (7)

S_ 2 + ? SB +7 SB(t-7) (3)

S_ 2 + ? SB +7 SBP+ (:)

S_ 2 + ? SB +7 Cfgr+ (9)

S_ 2 + ? SB + 7 SBI + (6)

[mfrf5

S_ rf`frs tl tmf _rlpfrty Sfturas.

SB rf`frs tl tmf Bgrnft _lrt`lhdl Sfturas.

SB(t-7) rf`frs tl tmf Bgrnft _lrt`lhdl Sfturas hgkkfi cy 7 pfrdli.

SBP rf`frs tl tmf Bgrnft _lrt`lhdl (Plhgtdhdty) pfrdli.

Cfgr rf`frs tl tmf ifrdvfi Cfgr Bgrnft tdbf-sfrdfs.


18/32


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74

Ymds rfsuht rfvfghs tmgt lvfr tmf wmlhf pfrdli, tmf cftg l` prlpfrty gvfrgkfi grluai ?.;. _hgdahy tmf

cftg ds sdkad`djgathy id``frfat `rlb ? gai tmf rfkrfssdla fxphgdas gclut 3: % l` tmf tltgh vgrdgtdla l` tmf

prlpfrty rfturas. Cut tmfrf ds al fvdifajf tmgt tmfrf ds gay ifhgy da rfgjtdak tl tmf bgrnft daifx. Ymds

ds alt surprdsdak kdvfa tmgt tmf prlpfrty rfturas mgvf cffa if-sblltmfi.

@dkurf 05 Sfkrfssdla (:)5- S_ 2+ ? SB + 7 SBP +

? 7 Gie-S3 Y-Ztgtdstdj

Sfkrfssdla (:) ?.6?3?3? ?.37:?64 ?.3: ?.;;06?7

Ymds rfsuht rfvfghs tmgt lvfr tmf wmlhf pfrdli, tmf cftg l` prlpfrty gvfrgkfi grluai ?.;3. _hgdahy tmf

cftg ds sdkad`djgathy id``frfat `rlb ? gai tmf rfkrfssdla fxphgdas gclut 3:% l` tmf tltgh vgrdgtdla l` tmf

prlpfrty rfturas. Ymds ds tmf lahy rfkrfssdla fqugtdla tmgt rfsuhtfi da g cftg tmgt wgs mdkmfr (:%) tmga

tmgt l` tmf sdbphf cftg l` prlpfrty rfturas wdtm rfspfjt tl tmf bgrnft plrt`lhdl. Blrflvfr, tmlukm

dasdkad`djgat tmds fqugtdla prliujfi tmf mdkmfst plsdtdvf t-stgtdstdj.

@dkurf ;5 Sfkrfssdla (9)5- S_ 2 + ? SB + 7 Cfgr+

? 7 Gie-S3 Y-Ztgtdstdj

Sfkrfssdla (9) ?.;3?4?? -?.?90779 ?.3:: -?.33:346

Ymds rfsuht rfvfghs tmgt lvfr tmf wmlhf pfrdli, tmf cftg l` prlpfrty gvfrgkfi grluai ?.0;. _hgdahy tmf

cftg ds sdkad`djgathy id``frfat `rlb ? gai tmf rfkrfssdla fxphgdas gclut 3:% l` tmf tltgh vgrdgtdla l` tmf

prlpfrty rfturas. Ymf rfsuht `rlb tmf cftg `lr tmf Cfgr daidjgtlr sdbphy sdkad`dfs tmgt tmf prliujtdla l`

tltgh jlastrujtdla da tmf Vadtfi Ndakilb ds dasdkad`djgat da tmf jlatfxt l` tmf D_I Ghh prlpfrty rfturas.

@dkurf =5 Sfkrfssdla (6) - S_ 2 + ? SB +7 SBI +

? 7 Gie-S Y-Ztgtdstdj

Sfkrfssdla (6) ?.=3669: -?.99?;?9 .39 -?.4?=;46

Ymds rfsuht rfvfghs tmgt lvfr tmf wmlhf pfrdli, tmf cftg l` prlpfrty gvfrgkfi grluai ?.9. _hgdahy tmf

cftg ds sdkad`djgathy id``frfat `rlb ? gai tmf rfkrfssdla fxphgdas gclut 39 % l` tmf tltgh vgrdgtdla l` tmf

prlpfrty rfturas. Ymf t-stgtdstdj gai cftg vghuf ifblastrgtf dasdkad`djgajf.

Iuf tl tmf dajrfgsf da cftg da vlhgtdhf pfrdlis tmfrf ds g ifblastrgtdla tmgt tmf rfsuhts grf tl ga fxtfat

da hdaf wdtm gai jlasdstfat tl prfvdlus fxpfjtgtdlas. Fasudak `rlb tmf stgaigri frrlrs da tmf

rfkrfssdla rfsuhts wf grf uagchf tl fxphdjdthy stgtf stgtdstdjgh sdkad`djgajf, ghsl cfjgusf l` tmf hlw t-


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stgtdstdj gai prlcgcdhdty `dkurfs. Mlwfvfr, d` g hlakfr tdbf sfrdfs wgs gvgdhgchf wdtm blrf fjlalbdj-

wdif gai prlpfrty spfjd`dj jyjhfs, dt jga cf sukkfstfi tmgt krfgtfr stgtdstdjgh sdkad`djgajf jga cf

gttgdafi.

9.3 - Bfga Pgrdgajf Gaghysds gai Lptdbdsgtdla:

Ymf tgchfs cfhlw smlw tmf khlcgh bdadbub vgrdgajf l` bdxfi gssft plrt`lhdls (jlbprdsdak l` D_I

_rlpfrty Daifx, @YZF Ghh Zmgrf Fqudty rfturas gai VN 7?-76 yfgr kdhts) tmrlukm tmf pfrdlis da tmf

igtg sft gvgdhgchf. Ymfy wfrf ifrdvfi cy gilptdak tmf bfga-vgrdgajf gpprlgjm.

Ymf rfsuhts kfafrghhy upmlhis tmf jgsf tmgt rfgh fstgtf ghhljgtdlas `luai da laf pfrdli grf uahdnfhy tl

cf `luai da galtmfr gs Cyraf gai Hff (7446) `luai, fspfjdghhy iurdak pfrdlis l` fjlalbdj ilwatura.

Ymf vdsugh dbprfssdlas cfhlw smlw tmgt tmfrf ds wdif vgrdgtdla da tmf ghhljgtdla l` rfgh fstgtf da tmf

bdxfi gssft plrt`lhdl. Ymf stgaigri ifvdgtdlas l` tmf ghhljgtdlas wfrf typdjghhy 7=% lvfr tmf id``frfat

tdbf pfrdlis gaghysfi. Ymlukm tmds stgaigri ifvdgtdla wgs tl ga fxtfat pgrghhfh wdtm kdhts, tmf agturf

l` rfgh fstgtf gs ga gssft jhgss bgnfs tmf trgasgjtdla gai trgif l` tmfb la g rfkuhgr cgsds rfhgtdvfhy

id``djuht. [mdhst kdhts gai fqudtdfs jga cf slhi da g bgttfr l` bdautfs dt ds dbplrtgat tl jlasdifr tmgt dt

bgy tgnf `rlb 0 blatms gai upwgris tl idsplsf l` g prlpfrty gssft. Bfgadak tmgt shdkmt jmgakfs da

lptdbgh ghhljgtdlas wdhh cf vfry jlsthy. @urtmfrblrf, wmfa jlbpgrdak ghhljgtdlas da cuhh gai cfgr

bgrnfts tmf stgaigri ifvdgtdlas l` prdvgtf rfgh fstgtf rfgjmfi up tl 3:%. Ymf gvfrgkf ghhljgtdla l`

rfgh fstgtf wdtmda tmf bdxfi gssft plrt`lhdl da tmf cfgr pfrdli wdtm tmf ghhljgtdla tl rfgh fstgtf da tmf

cuhh mgi jlasdifrgchf id``frfajfs gt 7=% gai 6?% rfspfjtdvfhy.

Gs fxphgdafi fgrhdfr tmds ds iuf tl tmf `gjt tmf lptdbdsfr prljfss ds difghhy g laf pfrdli blifh. [mdhst

tmds jga cf gpphdfi tl ltmfr gssfts wdtm fgsf, dt bgy jgusf prlchfbs wdtm rfgh fstgtf cfjgusf dts

damfrfat jmgrgjtfrdstdjs bgnf dt g vfry hlak pfrdli gssft.

@dkurf 4 cfhlw smlws tmf gssft ghhljgtdlas wdtmda tmf bdxfi gssft plrt`lhdls d` tmf lptdbdsgtdla

prljfss wgs ilaf yfgrhy. @dkurf 77 smlws tmf ghhljgtdlas d` tmf lptdbdsgtdla prljfss wgs ilaf fvfry

6 yfgrs gai @dkurf 7: smlws tmf ghhljgtdlas wmfa ghhljgtdlas la g : yfgr cgsds. Zff @dkurf 76 `lr g

jlbpgrdsla l` ghhljgtdlas da cfgr gai cuhh pfrdlis l` tmf bgrnft.

@dkurf 45 Gssft Ghhljgtdla jghjuhgtfi yfgrhy (Ygcuhgr @lrb)

Igtf Ghh _rlpfrty Sfturas Fqudtdfs - Ghh Zmgrf Kdhts - 6 tl 76 yfgrs

Ega-4? ?.??% ?.0=% 44.:3%

Ega-47 ?.??% ?.??% 7??.??%

Ega-43 36.::% ?.??% ;9.0;%

Ega-4: 3:.?7% ?.??% ;0.44%

Ega-49 3?.:;% ?.4:% ;=.;7%

Ega-46 :;.6:% ?.??% 03.9;%

Ega-40 :=.;:% ?.??% 07.3;%

Ega-4; :=.:;% ?.??% 07.0:%

:Kdhts jlasdstfathy rfbgdafi ga gssft wdtm jlasdifrgchy hgrkf ghhljgtdlas cfjgusf tmf plrt`lhdls jlastrujtfi wfrf jlastrujtfi

gt tmfdr khlcgh bdadbub vgrdgajf.


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37

Ega-4= :=.=;% ?.??% 07.7:%

Ega-44 9?.94% ?.40% 6=.66%

Ega-?? 9;.3=% 7.4;% 6?.;6%

Ega-?7 9;.=9% 3.7=% 94.4=%

Ega-?3 94.=6% 3.;:% 9;.97%

Ega-?: 6?.7=% :.36% 90.6;%Ega-?9 6?.90% :.::% 90.33%

Ega-?6 94.=:% 3.40% 9;.3?%

Ega-?0 9=.;?% 3.;:% 9=.6=%

Ega-?; 9=.0=% :.=3% 9;.6?%

Ega-?= :=.3:% 9.;;% 6;.?7%

Ega-?4 ::.47% 6.66% 0?.66%

Ega-7? 39.9:% ;.6?% 0=.?0%

Ega-77 3?.;6% =.==% ;?.:;%

Pgrdgajf ?.?3 ?.?? ?.?:

Ztgaigri Ifvdgtdla ?.76 ?.?: ?.70

@dkurf 7?5 Gssft Ghhljgtdlas jghjuhgtfi yfgrhy (Pdsugh Dbprfssdla)


@dkurf 775 Gssft Ghhljgtdla jghjuhgtfi fvfry 6 yfgrs (Ygcuhgr `lrb)


Ega-47 ?.??% ?.??% 7??.??%

Ega-40 :=.;:% ?.??% 07.3;%

Ega-?7 9;.=9% 3.7=% 94.4=%

Ega-?0 9=.;?% 3.;:% 9=.6=%

Ega-77 3?.;6% =.==% ;?.:;%

Pgrdgajf ?.?9 ?.?? ?.?9

Ztgaigri Ifvdgtdla ?.37 ?.?9 ?.37

?.??%

3?.??%

9?.??%

0?.??%

=?.??%

7??.??%

73?.??%

Ifsblltmfi Ghh _rlpfrty Sfturas Fqudtdfs - Ghh Zmgrf Kdhts - 6 tl 76 yrs


22/32

33

@dkurf 735 Ghhljgtdlas Fvfry 6 yfgrs (Pdsugh Dbprfssdla)


@dkurf 7:5 Gssft Ghhljgtdlas fvfry : yfgrs (Ygcuhgr `lrb)


Ega-4? ?.??% ?.0=% 44.:3%

Ega-4: 3:.?7% ?.??% ;0.44%

Ega-40 :=.;:% ?.??% 07.3;%

Ega-44 9?.94% ?.40% 6=.66%

Ega-?3 94.=6% 3.;:% 9;.97%

Ega-?6 94.=:% 3.40% 9;.3?%

Ega-?= :=.3:% 9.;;% 6;.?7%

Ega-77 3?.;6% =.==% ;?.:;%

Pgrdgajf ?.?34 ?.?? ?.?:

Ztgaigri Ifvdgtdla ?.7; ?.?: ?.7;

@dkurf 795 Ghhljgtdlas fvfry : yfgrs (Pdsugh Dbprfssdla)


?.??%

3?.??%

9?.??%

0?.??%

=?.??%

7??.??%

73?.??%

Ifsblltmfi Ghh _rlpfrty Sfturas Fqudtdfs - Ghh Zmgrf Kdhts - 6 tl 76 yrs

?.??%

3?.??%

9?.??%

0?.??%

=?.??%

7??.??%

73?.??%

Ghh _rlpfrty Sfturas Fqudtdfs - Ghh Zmgrf Kdhts - 6 tl 76 yrs


23/32

3:

@dkurf 765 Cfgr gai Cuhh Ghhljgtdlas

Cfgr _frdliGhhljgtdlas


Euh-4? ?% ?% 7??%

Euh-?= :6.79% 9.33% 0?.09%

Gvfrgkf Ghhljgtdla 7;.6;% 3.77% =?.:3%

Cuhh _frdli Ghhljgtdlas


Gpr-?9 6?.3:% :.:7% 90.90%

Ljt-?6 9=.;?% 3.;3% 9=.6=%

Gvfrgkf Ghhljgtdla 94.9;% :.?3% 9;.63%

Ztgaigri Ifvdgtdla cftwffa Cfgr gai Cuhh

Ztgaigri Ifvdgtdla ?.3: ?.?7 ?.3:

6 - Jlajhusdla

Gs dt wgs idsjussfi fgrhdfr, tmf dajhusdla l` rfgh fstgtf da g bdxfi gssft plrt`lhdl mgs cffa givljgtfi

bgdahy `lr dts idvfrsd`djgtdla gcdhdty gsdif da`hgtdla mfikdak gai ltmfr rftura famgajfbfat

jmgrgjtfrdstdjs (JCSF, 3?73> Cgub, 3??3> Hff, 3??:g). Ymf cgsds l` tmfsf idvfrsd`djgtdla cfaf`dts

lrdkdagtf `rlb tmf hlw ifkrff l` gssljdgtdla cftwffa rfgh fstgtf gai ltmfr gssft jhgssfs, mlwfvfr

iuf tl tmf tdbf-vgrydak lr gsybbftrdj agturf l` rfgh fstgtf rfturas tmfsf cfaf`dt mgvf l`tfa cffa

gcsfat. Da tmds pgpfr tmf tdbf-vgrydak agturf l` prdvgtf rfgh fstgtf gssft rfturas wfrf fxphlrfi, usdak

g rfkrfssdla fxfrjdsf wmfrf tmf gaghysds l` tmf cftg (sfasdtdvdty) gai stgtdstdjgh sdkad`djgajf wluhi

ifblastrgtf tmf lutjlbfs. Ymlukm tmf dajrfgsf da cftg da vlhgtdhf pfrdlis ifblastrgtfi tmgt tmf

rfsuhts grf tl ga fxtfat da hdaf wdtm gai jlasdstfat tlwgris prfvdlus fxpfjtgtdlas, wf grf uagchf tl

fxphdjdthy stgtf stgtdstdjgh sdkad`djgajf, cfjgusf l` tmf hlw t-stgtdstdj, Gieustfi S-squgrfi gai

prlcgcdhdty `dkurfs. Mlwfvfr, d` g hlakfr tdbf sfrdfs wgs gvgdhgchf wdtm blrf fjlalbdj-wdif gai

prlpfrty spfjd`dj jyjhfs, dt jga cf sukkfstfi tmgt krfgtfr stgtdstdjgh sdkad`djgajf jga cf gttgdafi.

Tft, tmf rfsuhts il vghdigtf tmf sukkfstdla tmgt tmf jlrrfhgtdla lr gssljdgtdla ds alt g jlastgat `dxfi

idstrdcutdla cut rgtmfr g pgrgbftfr tmgt ds dtsfh` ds ifpfaifat la fjlalbdj gai bgrnft jlaidtdlas.

_ldatdak tl tmf diflhlky tmgt tmf idvfrsd`djgtdla cfaf`dts l` rfgh fstgtf, wmdjm grf grkugchy tmfdr blst

vghugchf gttrdcutf, grf l`tfa gcsfat wmfa tmfy grf rfqudrfi tmf blst, wmdjm grf f``fjtdvfhy iurdak tmf

pfrdlis l` fjlalbdj ilwatura.

Blrflvfr, tmf jlbpgrdsla l` gssft ghhljgtdlas lvfr vgrdfi pfrdlis upmfhi tmf jgsf `lr uasustgdagchf

gssft ghhljgtdla. Ymf gvfrgkf ghhljgtdla l` rfgh fstgtf wdtmda tmf bdxfi gssft plrt`lhdl da tmf cfgr

pfrdli wdtm tmf ghhljgtdla tl rfgh fstgtf da tmf cuhh mgi jlasdifrgchf id``frfajfs gt 7=% gai 6?%

rfspfjtdvfhy. Jlasfqufathy `uai bgagkfrs gai rfgh fstgtf davfstlrs grf hf`t tl ifgh wdtm jlasdstfathy

dbcghgajfi davfstlr rdsn-rftura prf`frfajfs gai tmf mdkm-prdjfi lrifgh l` rfcghgajdak tmf rfgh fstgtf

da tmf bdxfi gssft plrt`lhdl. Mlwfvfr, gs Cyraf gai Hff (3??:) gai Hff (3??:c) grkuf, hlak tfrb

dastdtutdlagh davfstlrs wml bgy mgvf hlakfr mlhidak pfrdlis smluhi cf hfss jlajfrafi gclut tmf da-

pfrdli vlhgtdhdty l` tmfdr bdxfi gssft plrt`lhdls. Cfsdifs, Hff gai Ztfvfasla (3??0) fxphgda tmgt rfgh

fstgtf smluhi cf jlasdifrfi gs g strgtfkdj gssft jhgss. Afvfrtmfhfss, tmds jlbfs wdtm dtsdajlavfadfajfs.


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Ymds ds alt tl sgy tmgt idvfrsd`djgtdla cfaf`dts grf ala-fxdstfat. Ymf dbprfssdla sffbs tl cf tmgt iuf

tl tmf dajrfgsf da jlrrfhgtdlas da vlhgtdhf bgrnft pfrdlis tmf idvfrsd`djgtdla cfaf`dts sffb tl idbdadsm

lr `ghh. Ymf grkubfat `lr idvfrsd`djgtdla cfdak g sdkad`djgat jmgrgjtfrdstdj gai g strlak cfaf`dt l` prdvgtf

rfgh fstgtf ds stdhh g rlcust laf. Gs dt sffbs tmgt dts dhhdqudidty, tgakdchf agturf gai vghugtdla-cgsfi

bgrnft prdjdak systfb gs wfhh gs ltmfr iyagbdjs jlasdstfathy nffp dt gt g jlatrgst wdtm tmf ltmfr gssftjhgssfs. Afvfrtmfhfss, iuf tl tmf dajrfgsfi ifkrff l` gssljdgtdla cftwffa rfgh fstgtf gai ltmfr

gssfts dt ds ga daidjgtdla tmgt tmf pfrjfptdla l` rfgh fstgtf gs g idvfrsd`dfr smluhi cf rfjlasdifrfi.

@urtmfr davfstdkgtdla jga cf uaifrtgnfa tl idsjlvfr wmftmfr lr alt tmf gssft jlrrfhgtdla l` fqudtdfs,

kdhts gai ltmfr bdxfi gssft plrt`lhdl jluatfrpgrts rdsf da gjjlrigajf lr fqughhy wdtm tmfbsfhvfs gai

rfgh fstgtf. Bfgadak tmgt tmf f``fjt l` tmf rdsdak jlrrfhgtdla gai plssdchy idbdadsmdak idvfrsd`djgtdla

cfaf`dts cftwffa gssft jhgssfs f``fjtdvfhy jgajfh fgjm ltmfr lut da tmf `gjf l` fjlalbdj uajfrtgdaty

lr iurdak vlhgtdhf bgrnft jlaidtdlas.


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36

0 - Cdchdlkrgpmy

Cyraf, _.E. gai Hff, Z. (7446), Ds Ymfrf g _hgjf `lr _rlpfrty da tmf Buhtd-Gssft _lrt`lhdl, Eluragh l`

_rlpfrty @dagajf, 0(:), p.0?-=:.

Cyraf, _.E. gai Hff, Z. (3??:), Ymf Dbpgjt l` Sfgh Fstgtf la tmf Yfrbdagh [fghtm l` Ymf VN Bdxfi

Gssft _lrt`lhdl, Ifpgrtbfat l` Sfgh Fstgtf gai _hgaadak, [lrndak pgpfr ?6/?:.

Jml, M., Ngwgkujmd, T. gai Zmdhhdak, E. (3??:), Vasblltmdak Jlbbfrjdgh _rlpfrty Sfturas5 G

Sfvdsdla tl @dsmfr-Kfhtafr-[fccs Vasblltmdak Bftmlilhlky, Eluragh l` Sfgh Fstgtf

@dagajf gai Fjllabdjs, 3;, pp:4:-9?6

Fhtla, F.E. gai Krucfr, B.E. (74;;), Sdsn Sfiujtdla gai _lrt`lhdl Zdzf5 Ga Gaghytdjgh Zlhutdla, Eluragh

l` Cusdafss, 6?, 976-9:;.

Fhtla, E., Krucfr, B., Crlwa, Z., gai Klftzbgaa, [. (3??;), Blifra _lrt`lhdl Ymflry gai Davfstbfat

Gaghysds,Vadtfi Ztgtfs l` Gbfrdjg5 Elma [dhfy gai Zlas Daj.

@gclzzd, @. (3??4) Dastdtutdlagh Davfstbfat Bgagkfbfat, Afw Efrsfy5Elma [dhfy gai Zlas Daj.

@dsmfr, E.I., Kfhtafr, I. B. gai [fcc S.C. (7449), Pghuf Daidjfs l` Jlbbfrjdgh Sfgh Fstgtf5 G

Jlbpgrdsla l` Daifx Jlastrujtdla Bftmlis. Eluragh l` Sfgh Fstgtf @dagajf gai Fjlalbdjs 45

7:;-709.

Kdcsla, S. (744?),Gssft Ghhljgtdla5 Cghgajdak @dagajdgh Sdsn, Afw Efrsfy5 BjKrgw Mdhh.

Krffr, S. (744;), [mgt ds ga Gssft Jhgss, Gaywgy< Ymf Eluragh l` _lrt`lhdl Bgagkfbfat, Plh. 3:, Al.

35 pp. =0-47.

Mgiiljn, B. (3?73),Ydbf tl Lvfrwfdkmt Sfgh FstgtfYmf Jgsf `lr _rlpfrty da 3?73.

Mgnndl, J. gai Nfftla, N., (3??4), @dagajdgh Ztrfss5 [mgt Ds Dt, Mlw Jga Dt Cf Bfgsurfi, gai [my

Ilfs Dt Bgttfr< _uchdjgtdlas l`@fifrgh Sfsfrvf Cgan l` Ngasgs Jdty.

Mgbfhdan, @., BgjKrfklr, C., Agatmgnubgrga, A. gai Lrr, G. (3??3)G Jlbpgrdsla L` VN Fqudty Gai

_rlpfrty Iurgtdla, Eluragh l` _rlpfrty Sfsfgrjm, 74 (7). pp. 07-=?.

Mdsmgbuiida, Blmi G., (3??9), Blifra _lrt`lhdl Ymflry5 Ds Ymfrf Gay Lpplrtuadty `lr Sfgh Fstgtf

_lrt`lhdl


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30

D_@ (Gprdh, 3?73), Sfgh Fstgtfs Slhf da tmf Bdxfi Gssft _lrt`lhdl5 G Sf-fxgbdagtdla, [lrndak _gpfr 7.

Sfgh Fstgtf Sfturas gai Ltmfr Gssft Jhgssfs5 G Sfvdfw l` Hdtfrgturf.

D_@ (Bgy, 3?73), Sfgh Fstgtfs Slhf da tmf Bdxfi Gssft _lrt`lhdl5 G Sf-fxgbdagtdla, [lrndak _gpfr 3

_rdvgtf Jlbbfrjdgh Sfgh Fstgtf Sfturas gai tmf Pghugtdla _rljfss.

D_@ (Bgy, 3?73), Sfgh Fstgtfs Slhf da tmf Bdxfi Gssft _lrt`lhdl5 G Sf-fxgbdagtdla, [lrndak _gpfr :

Ydbf Pgrydak Da`hufajfs la Sfgh Fstgtf Sfturas.

D_@ (Bgy, 3?73), Sfgh Fstgtfs Slhf da tmf Bdxfi Gssft _lrt`lhdl5 G Sf-fxgbdagtdla, [lrndak _gpfr 9

Sfgh Fstgtf Sfturas gai @dagajdgh Gssfts da Fxtrfbf Bgrnfts.

Nadkmt, E., Hdzdfrd, J. gai Zgtjmfhh, Z. (3??6), Idvfrsd`djgtdla [mfa Dt Murts< Ymf Eldat Idstrdcutdlas l`

Sfgh Fstgtf gai Fqudty Bgrnfts,Eluragh l` _rlpfrty Sfsfgrjm, 33(9), :?4-:3:.

Hff Z, Cyraf, _.E. (744;), Idvfrsd`djgtdla cy Zfjtlr, Sfkdla lr @uajtdla< G Bfga Gcslhutf Ifvdgtdla

Lptdbdsgtdla, Eluragh l` _rlpfrty Pghugtdla gai Davfstbfat, 70(7), p.:=-60.

Hff, Z. (744=), Ymf Jgsf `lr _rlpfrty da tmf Hlak Sua5 G Jldatfkrgtdla Yfst, [lrndak _gpfrs da Hgai

Bgagkfbfat gai Ifvfhlpbfat ?0/4= Vadvfrsdty l` Sfgidak.

Hff, Z. (3??3), Ds Ymfrf G Jgsf `lr _rlpfrty Ghh Ymf Ydbf , [lrndak _gpfrs da Sfgh Fstgtf & _hgaadak

?4/?3 Vadvfrsdty l` Sfgidak.

Hff, Z. (3??:), Dbpgjt l` Sfgh Fstgtf la tmf Bdxfi Gssft _lrt`lhdl da _frdlis l` @dagajdgh Ztrfss ,

[lrndak _gpfrs da Sfgh Fstgtf & _hgaadak ?9/?: Vadvfrsdty l` Sfgidak.

Hff, Z. (3??:), [mfa Ilfs Idrfjt Sfgh Fstgtf Dbprlvf _lrt`lhdl _fr`lrbgajf, [lrndak _gpfrs da

Sfgh Fstgtf & _hgaadak 7;/?: Vadvfrsdty l` Sfgidak.

Hff, Z. (3??6), Ymf Sftura Iuf tl Idvfrsd`djgtdla tl tmf VZ Bdxfi Gssft _lrt`lhdl , Ymf Eluragh l` Sfgh

Fstgtf _lrt`lhdl Bgagkfbfat, 77(7), p.74-3=.

Hff, Z. gai Ztfvfasla, Z. (3??6), Ymf Jlasdstfajy l` _rdvgtf gai _uchdj Sfgh Fstgtf wdtmda Bdxfi

Gssft _lrt`lhdls, [lrndak _gpfrs da Sfgh Fstgtf & _hgaadak ?=/?6 Vadvfrsdty l` Sfgidak.

Hff, Z. gai Ztfvfasla, Z. (3??0), Sfgh Fstgtf da tmf Bdxfi Gssft _lrt`lhdl5 Ymf qufstdla l`

Jlasdstfajy, Eluragh l` _rlpfrty Davfstbfat gai @dagajf, 39(3), p.73:-7:6.

Hfvy, M. gai Zgragt, B. (74=:) _lrt`lhdl gai Davfstbfat Zfhfjtdla5 Ymflry gai _rgjtdjf , Afw Tlrn5

_rfatdjf-Mghh.

Hdzdfrd, J. (3?7:),G`tfr tmf @ghh5 Sfgh Fstgtf da tmf Bdxfi Gssft _lrt`lhdl da tmf G`tfrbgtm l` tmf Khlcgh

@dagajdgh Jrdsds.


27/32


28/32

3=

;Gppfaidjfs

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Ifpfaifat Pgrdgchf5 _SL_SFY

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Igtf5 ?6/?=/7: Ydbf5 3353:

Zgbphf5 74==W3 3?77W7

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Pgrdgchf Jlf``djdfat Zti. Frrlr t-Ztgtdstdj _rlc.

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_LSY@LHDLSFYVSAZ ?.040:=6 ?.73;93: 6.9067:4 ?.????

S-squgrfi ?.3947;: Bfga ifpfaifat vgr ?.?74077

Gieustfi S-squgrfi ?.39?=:? Z.I. ifpfaifat vgr ?.?9736=

Z.F. l` rfkrfssdla ?.?:6494 Gngdnf da`l jrdtfrdla -:.;4746=

Zub squgrfi rfsdi ?.770:?; Zjmwgrz jrdtfrdla -:.;:;7:;

Hlk hdnfhdmlli 7;0.9:?7 Mgaaga-Wudaa jrdtfr. -:.;04=:3

@-stgtdstdj 34.=0;;6 Iurcda-[gtsla stgt 7.;794=;

_rlc(@-stgtdstdj) ?.??????



Igtf5 ?6/?=/7: Ydbf5 3353;

Zgbphf5 74==W3 3?77W7



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S-squgrfi ?.3940?: Bfga ifpfaifat vgr ?.?74077

Gieustfi S-squgrfi ?.3:3;9? Z.I. ifpfaifat vgr ?.?9736=

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Zub squgrfi rfsdi ?.77039? Zjmwgrz jrdtfrdla -:.0==60?

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@-stgtdstdj 79.=?74: Iurcda-[gtsla stgt 7.;::;:0

_rlc(@-stgtdstdj) ?.?????:



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_LSY@LHDLSFYVSAZ ?.6?3?3? ?.3=7??: 7.;=063= ?.?;;9

_LSY@LHDLPLHGYDHDYTIVBBT ?.37:?64 ?.3;9:=9 ?.;;06?7 ?.9:46

S-squgrfi ?.369336 Bfga ifpfaifat vgr ?.?74077

Gieustfi S-squgrfi ?.3:;900 Z.I. ifpfaifat vgr ?.?9736=

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Zub squgrfi rfsdi ?.776639 Zjmwgrz jrdtfrdla -:.049;:4

Hlk hdnfhdmlli 7;0.;9?; Mgaaga-Wudaa jrdtfr. -:.;9:;=3

@-stgtdstdj 76.7049; Iurcda-[gtsla stgt 7.;70043

_rlc(@-stgtdstdj) ?.?????3


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34



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Zub squgrfi rfsdi ?.770393 Zjmwgrz jrdtfrdla -:.0==69;

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@-stgtdstdj 79.=?776 Iurcda-[gtsla stgt 7.;70664

_rlc(@-stgtdstdj) ?.?????:



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S-squgrfi ?.360?;0 Bfga ifpfaifat vgr ?.?74077

Gieustfi S-squgrfi ?.3:4:64 Z.I. ifpfaifat vgr ?.?9736=

Z.F. l` rfkrfssdla ?.?:64=: Gngdnf da`l jrdtfrdla -:.;;4960

Zub squgrfi rfsdi ?.7763:; Zjmwgrz jrdtfrdla -:.04;339

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_rlc(@-stgtdstdj) ?.?????3


30/32

:?

;.3 - Gppfaidx 3Jlrrfhgtdla Bgtrdjfs

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31/32

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;.:Gppfaidx :Igtgsft

@dkurf 7=5 Igtg Zft


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;.9Gppfaidx 9If-sblltmdak

@dkurf 745 If-Zblltmdak Bftmlis

Gilptdak tmf @dsjmfr, Kfhtafr gai [fcc (7449) if-sblltmdak bftmlis5

rst2 (rst -7.0= * r

st-7 + ?.=7 * r

st-7 )/ ?.0:

[?2 (3 x 3.6%)/;.4%

[?2 ?.0:

Ztgaigri Ifvdgtdla l` Fqudtdfs ;.4?%

Ztgaigri Ifvdgtdla l` Sfsdiughs `rlb Sfkrfssdla 3.6?%

the allocation for real estate within the mixed-asset portfolio

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